A New York hedge fund manager who at age 28 lost nearly all $57m he oversaw in less than three weeks was spared prison on Monday, as the judge recognized how quickly and thoroughly the defendant owned up to his crimes.
Reuters reports that Owen Li, the founder of Canarsie Capital LLC, was sentenced to probation by U.S. District Judge Robert Sweet in Manhattan, prompting gasps from spectators in the courtroom. The defendant then hugged his lawyer, Scott Resnik.
Li, now 30, had pleaded guilty in December to securities fraud and making a false statement.
Sweet had in March indicated he would likely sentence Li to five years in prison, less than federal guidelines advise and in line with prosecutors' recommendation.
But on Monday, he changed his mind.
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