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May 23, 2006
Indictment in Hedge Fund Case
With the growth of hedge fund operations in the investment market, more scandals are being unearthed. In a shocking incident, three people from Colorado Springs have been arrested in connection with an alleged hedge fund scheme fraud case. It is said that they have defrauded about 350 people out of a total of $7.5 million. The arrested persons were Hamilton Alan Bird, David Edward Newton and Douglas Alan Scott. A state grand jury indicted them on May 12 in El Paso County District court.
More Information on the Scandal: Read Here
In 2002, Bird, who was the director of XL Capital Partners Inc., formed Vision Fund as a limited partnership to operate a hedge fund, according to the indictment.
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This is disgusting. These persons should be heavily punished so that no body dares to commit such offense in future.
Posted by: Mat | May 23, 2006 5:35:46 AM
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