Hedge Fund Phony Sentenced To 3-plus Years

//Hedge Fund Phony Sentenced To 3-plus Years

Hedge Fund Phony Sentenced To 3-plus Years

An Andover man who told investors – including Kris Humphries, NBA player and one-time husband of Kim Kardashian – he was a Harvard graduate and hedge fund manager has been sentenced to 40 months in prison.

Andrey C. Hicks, 29, of Andover, was sentenced Tuesday in U.S. District Court. Prosecutors alleged Hicks convinced investors that he ran a hedge fund called Locust Offshore Management, which had $1 billion in assets under management and earned huge profits.

Hicks also claimed he had worked at Barclays Capital and had an advanced degree from Harvard.

None of Hicks’ claims were true, prosecutors said, and Hicks spent the money investors gave him on himself.In addition to 40 months in prison, Hicks was sentenced to three years of supervised release.

He pleaded guilty to wire fraud last December.

2013-03-20T21:22:33+00:00

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