New York (HedgeCo.Net) – The head of fake hedge fund, Benchmark Asset Management, is fighting against an extradition order stemming from the £12 million ($18.5 million) that he allegedly misappropriated from approximately 50 investors.
Mark Duchesne used his investors’ money to buy a Ferrari Enzo, a Rolls Royce Phantom, a Bentley Arnage, several Hummers, a speedboat for a friend, he also spent £60,000 ($93,000) on cosmetic dentistry and his cigar bill alone was more than £22,000 ($34,000), the Evening Standard reported.
Duchesne tried to dodge the charges by moving to Switzerland, but was extradited to the UK where he escaped from prison after serving six months of a 4 1/2 year sentence. He was re-arrested in 2012 and is now facing US extradition. He admitted to fraud charges including “Conspiracy to defraud and conspiracy to obtain money by deception.” the Evening Standard said.
FinAlternatives reports that: “Duchesne’s extradition hearing is scheduled for Sept. 5. His lawyer argued that Duchesne should not be sent to the U.S. as non-extradition to a third country was part of the agreement with the Swiss that sent him to London, and that “it would be disproportionate to subject him to another prosecution.”
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