May 16th, 2008
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HedgeFund.Net - As a onetime mayor, Lee Skierkiewicz parlayed his standing in the community—a Cincinnati suburb named Loveland—into his next venture, a hedge fund named Prima that Skierkiewicz set up with the intention, he claimed, of making money for the people closest to him: His family and the people of Loveland.
But instead of building client wealth, Skierkiewicz, 53, used Prima to scam $270,000 from the same people he said he wanted to make rich. Now, that scam has cost Skierkiewicz his freedom.
On Wednesday, a county court judge hit Skierkiewicz with a four-year prison term. He was also ordered to pay $270,000.
The sentence obliterated the fate Skierkiewicz had imagined; a fate that, along with the chance to make his ex-clientele whole, would not include jail time. That scenario was a “pipe dream,” the judge told him.
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