Onsa is the manager of New Century Hedge Fund Partners LP., he pleaded guilty in December 2011 to operating a scheme resulting in investor losses of over $3 million.
Instead of disclosing the trading losses… Onsa issued fake account statements to his investors falsely claiming consistent and steady earnings in the market. The defendant continued to solicit additional money from New Century investors through 2010 and used that new money to pay back the losses of the earlier Ward Onsa & Company investors.
The sentence has been realized because of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes.
Editor for HedgeCo.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!