Hedge Fund Manager Efrosman Pleads Guilty to Forex Fraud

Bloomberg – Aleksander Efrosman, the fund manager who fled the U.S. after being accused of swindling clients, admitted to running a scheme to cheat investors out of $5 million, including $3 million he spent at a casino.

Efrosman, 50, pleaded guilty today to wire fraud before U.S. District Judge Nicholas Garaufis in Brooklyn, New York, prosecutors said in an e-mailed statement. Efrosman, who controlled foreign-currency hedge funds Century Maxim Fund Inc. and AJR Capital Inc., had faced mail-fraud, wire-fraud and money-laundering charges.

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