Fund Manager Cops To $80M Ponzi Scheme

Law360, New York (June 5, 2009, 12:00 AM EDT) -- An investment fund manager pled guilty Friday to three fraud counts and a money laundering charge in relation to a long-running Ponzi scheme that took in around $80 million from investors.

Joseph S. Forte pled guilty in the U.S. District Court for the Eastern District of Pennsylvania to mail fraud, wire fraud, bank fraud and money laundering in connection with the scheme and faces a maximum sentence of 80 years in prison and a $1.75 million fine.

Forte set up a partnership called Joseph Forte LP...
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