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New Century Hedge Fund Manger Sentenced In NY

New York (HedgeCo.Net) – Florida-based hedge fund manager Ward Onsa has been sentenced Friday in Brooklyn federal court to serve 78 months in prison for running a Ponzi scheme.

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.

LoanSafe reports,

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.

Alex Akesson
Editor for HedgeCo.net
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