HedgeCo.Net (West Palm Beach) – A massachusettes man who defrauded investors out of millions has rejected a plea bargain that could have cut his prison sentence in half.
Arthur Mathur, 37, who could face 20 years in prison, promised investors big returns on real estate investments and provided them with false statements of returns.
Mathur, of Entrust Capital Management was indicted in 2005 and charged with 20 counts of mail and wire fraud. There were 20 investors involved who placed over $16 million into the fund. When Mathur was charged, only $800,000 of the original investments were left. While some of Mathur’s real estate deals actually did make money, he squandered most of the profits for personal gains.
Some of the luxuries that Mathur indulged in included heavy casino gambling in Vegas and Atlantic City, a Porsche Cayenne, and season tickets to the New England Patriots.
Julie Scuderi
Contributing Editor for HedgeCo.Net
Email: [email protected]
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