Tue, Jul 7, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge fund Grifphon’s founder Yusaf Jawed pleads guilty to Ponzi scheme

Wednesday, April 17, 2013

From Komfie Manalo, Opalesque Asia – Portland, Oregon-based hedge fund manager Yusaf Jawed pleaded guilty to 17 counts of mail and wire fraud in a Ponzi scheme that spans several states including Oregon and Washington, according to media reports.

A report by the Seattle Times said that the 44-year-old ex-stockbroker is facing up to six and a half years imprisonment in his sentencing scheduled on June 21.

Assistant U.S. Attorney Allan Garten said that Jawed had accepted the court’s order for him to surrender the $6.4m in ill-gotten gains and pay back his investors.

But attorney Michael Esler, who is representing one of Jawed’s victims, said none of the investors are expecting to see the money.

Court records showed that Jawed ran the Ponzi scheme for more than 10 years. However, the crimes to which he pleaded guilty came from investors he took money from between February 2008 and September 2009.

In September 2012, the SEC filed fraud charges against Jawed, alleging that he had used false marketing materials that boasted double-digit returns to lure people to invest their money into several hedge funds that he managed through at least two companies he controlled: Grifphon Asset Management LLC and Grifphon Holdings LLC.

The SEC’s complaint further alleg......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner