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Allston Hedge Fund Manager Gets Lengthy Sentence in Ponzi Scheme

(Boston Globe) A hedge fund manager from Allston was sentenced Thursday to more than 14 years in federal prison for running a Ponzi scheme where he scammed millions of dollars from investors, officials said.Raymond Montoya, 70, was sentenced to 175 months in federal prison, plus three years of supervised release, and restitution, which will be determined at a later date, the US Attorney’s office for Massachusetts said in a statement. In October 2018, Montoya pleaded guilty to three counts of wire fraud, five counts of mail fraud, and two counts of conducting an unlawful monetary transaction.

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