Hedge Fund Manager Arrested on Fraud Charges March 18, 2009Posted by jefhenningeresq in News.
Tags: Crime, Fraud, Law, News
Albert Hu, manager of Asenqua Beta Fund and Fireside LS Fund has been arrested in Hong Kong on fraud charges that were filed in California. Authorities allege that he stole $5 million from his clients by claiming that his funds were associated with well known law firms. One client, a CEO invested $2 million with Hu.
An unknown amount of assets were frozen. Thus, it is unclear as to how much money is left over for the alleged victims. It seems as though this case unraveled much like Madoff and other recent scams where investors asked for their money back and Hu ignored their requests. Hu will be brought back to the US in a few weeks.
Hu left for Hong Kong in June so it seems like he knew something was up. Instead of dealing with it, he may have tried to just run which did not solve anything.
Story is here.