Disgraced Hedge Fund Manager Loses Appeal

Law360, New York (January 19, 2007, 12:00 AM EST) -- A federal appeals court affirmed a lower court decision Thursday that sent a former hedge fund manager to jail for nine years and ordered him to pay $21 million in restitution.

In its opinion, a panel of the U.S. Court of Appeals for the Seventh Circuit rejected Edward Thomas Jung’s argument that the district court’s trial and sentencing were flawed.

“The evidence presented against Jung was overwhelming,” Judge William J. Bauer wrote for the court.

Jung was the sole manager of hedge fund Strategic Income Fund...
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