Ex-hedge fund manager jailed for 15 years

Prison Window

Aleksander Efrosman, the former hedge-fund manager who fled the U.S. after swindling his clients out of $5m and gambling away most of it at a casino, was sentenced to more than 15 years in prison.

Bloomberg reports that Efrosman, 51, who was extradited from Poland and pleaded guilty to wire fraud in 2012, was sentenced today by U.S. District Judge Nicholas Garaufis in Brooklyn, New York, to 188 months behind bars and ordered to pay restitution of $4m, federal prosecutors said in a statement.

'Efrosman has finally been held to account for his betrayal of his clients’ trust', U.S. Attorney Loretta Lynch in Brooklyn said in the statement. The former hedge-fund manager had been 'globe-trotting to escape justice'.

A U.S. citizen, Efrosman was indicted in 2006 after fleeing in 2005. He traveled to Mexico,Panama and Poland, where he assumed the identity of Mikhail Grosman, using a fraudulent Russian passport, Lynch said.

To access the complete Bloomberg article hit the link below:

Ex-Hedge Fund Boss Who Fled U.S. Gets 15 Years For Fraud

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