Hedge-fund manager pleads guilty to Ponzi scheme
Assistant U.S. Attorney Allan Garten said after Tuesday's plea hearing that 44-year-old Yusaf Jawed will be sentenced June 21 and is expected to get a prison sentence of 6˝ years.
The Securities and Exchange Commission has filed a civil lawsuit against Jawed, alleging he falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.
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