New York (HedgeCo.Net) – New Jersey “moms and pops” hedge fund manager Michael Spak waived prosecution and admitted to one count of wire fraud in Camden, N.J., court.
Spack pleaded guilty to a charge that he conspired to defraud investors of more than $4 million.
He faces up to 20 years in prison and a $250,000 fine when he is sentenced Jan. 9th 2012.
The hedge fund Osiris Partners LLC allegedly got more than 75 people to invest over $12 million. The prosecution claims the group hid a $4.5 million loss from investors, and spent $300,000 on a fishing boat called the “Fintastic” – all the while charging his clients the usual fees.
Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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