Hedge Fund News From HedgeCo.Net


Hedge Fund Manager Gets 7 Years For Fraud

New York  (HedgeCo.net) – Hedge fund manager Michael C. Regan was sentenced in a federal court in Brooklyn, N.Y. to seven years in prison for fraud.

Just last June, Regan settled charges with the SEC on another of his hedge funds, Regan and Regan & Co., which the SEC alleged, he fraudulently obtained at least $15.9 million and ultimately caused investors to lose at least $6.69 million through Regan’s misappropriation and trading losses. The settlement was closed without Regan admitting or denying the allegations.

When his hedge fund, River Stream Fund collapsed in April 2008 Regan turned himself in in May 2008 and pleaded guilty to one count of fraud the following month. He began the fund in 1998 with money from friends and acquaintances, according to the prosecution.

While Regan agreed to pay restitution, he filed for bankruptcy protection after turning himself in. The government said it is unlikely his victims will ever be compensated.

The SEC is also filing a civil suite. Regan could face additional criminal charges for failing to file tax returns for 10 years.

Alex Akesson
Editor for HedgeCo.net
alex@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!

Related Posts Plugin for WordPress, Blogger...
This entry was posted in HedgeCo News and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>