California Investment Manager Pleads to $8.3 Million Fraud
A San Francisco investment manager is facing a maximum sentence of 20 years in prison after pleading guilty to fraud.
Federal prosecutors say in pleading guilty to mail fraud Tuesday, Alexander Trabulse admitted that he mailed fraudulent account statements to investors in funds he managed known as the Fahey Hedge Fund and Fahey Financial Group.
Prosecutors estimate that between1998 and 2007 investors lost about $8.3 million because of the bogus statements.
The 62-year-old Trabulse is due to be sentenced in March. Besides a prison term, he’s also facing fines and may be ordered to pay restitution.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
- Lloyd’s Insurers Don’t Expect Large Claims From Baltimore Bridge Collapse
- Miami Retirement Fund Class Action Alleges Globe Life Officers Concealed Fraud
- Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court