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Jury convicts ex-Silicon Valley hedge fund manager of fraud

Mercury News – A former Silicon Valley hedge fund manager was convicted Wednesday of defrauding local investors out of millions of dollars by luring them with bogus promises of backing from prominent law firms and auditors.

After a few hours of deliberation, a San Jose federal jury convicted Albert Ke-Jung Hu of seven counts of wire fraud for his role in what prosecutors called a brazen scam during closing arguments earlier in the day. Federal prosecutors alleged during the two-week trial that Hu’s scheme was “a facade he fabricated to lure victim-investors to invest in his funds.”

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