US man faces longer jail term for hedge fund fraud in Hong Kong
Wednesday, June 18, 2008 : PermalinkMSN UK News- The Hong Kong media says a 63-year-old U.S. citizen has received a longer jail term for masterminding a HK$363 million, or US$46.49 million or euro30 million, hedge fund fraud.
The South China Morning Post reported Wednesday that a court added 26 months to Charles Schmitt’s sentence. It says Schmitt was sentenced in 2006 to 4 1/2 years in prison after he pleaded guilty to 19 charges for forging financial statements.
A three-judge panel at the Court of Appeal is quoted as saying that the original sentence was "manifestly inadequate."
Tags: 6-million, armed-and-dangerous, audits, exchange-value
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