New York (HedgeCo.Net) – Norfolk based hedge fund manager Jeffrey A. Martinovich was found guilty on Monday by a jury on 17 criminal counts in a fraud trial in U.S. District Court.
His hedge fund, the now-defunct MICG Investment stands accused of inflating the value of a solar company to “indicate an increase in the overall value of the hedge fund” and to draw investors and to increase his own fees.
Many of the investors, who collectively invested more than $1.5 million into the fund, were left with financial problems after the solar company declared bankruptcy.
Martinovich was found guilty of conspiracy to commit mail and wire fraud, four counts of wire fraud, five counts of mail fraud and seven counts of unlawful monetary transactions, the release said. He faces up to 20 years in prison on each count when sentencing begins on Aug. 7 3013.
Alex Akesson
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