New York (HedgeCo.net) –Hedge Fund Manager and former Penn State tight end, Paul Pomfret has pleaded guilty to wire fraud and faces up to 20 years in jail.
The Palm Beach-based hedge fund, PDP Capital has several legal battles starting in 2004.
The Palm Beach Post covered the most recent charges:
Federal prosecutors last year accused Pomfret of defrauding a South Carolina businessman of $500,000. The unnamed victim met Pomfret in the Cayman Islands in 2010 and agreed to invest in Pomfret’s hedge fund, PDP Capital Investments of Palm Beach, prosecutors said.
Pomfret, 49, issued a phony statement showing profits in the victim’s account. In fact, prosecutors said, Pomfret never invested the money but spent it himself.
Palm Beach is no stranger to fraud. KL Group was one of the first big cases of hedge fund fraud in 2005, followed by the infamous Madoff Scandal of 2008, to the Palm Beach Capital debacle in 2010.
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