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Komfie Manalo, Opalesque Asia: A U.S. court has sentenced David Bryson, a former managing partner at failed hedge fund firm New Stream Capital, to 33 months in prison, on Tuesday, after he pleaded guilty to conspiring in a fraudulent scheme that started in 2007.
New Haven, Connecticut federal court Chief Judge Janet Hall sentenced Bryson, a graduate of the U.S. Naval Academy, after a seven-hour hearing of his case, reported Reuters.
Bryson, together with co-defendants co-managing partner Bart Gutekunst and chief financial officer Richard Pereira, were accused of concealing changes in the capital structure of one of their hedge funds to prevent the firm’s Connecticut-based largest investor from redeeming.
In May last year, Bryson, Gutekunst and Pereira pleaded guilty to conspiracy to commit wire fraud.
New Stream managed a $750 million hedge fund focused on illiquid investments in asset-based lending. In March 2008, Bryson and Gutekunst revised the fund’s capital structure after Gottex, a fund manager with nearly $300 million invested in New Stream, had threatened to redeem its investme...................... To view our full article Click here
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