New Century Fund Manager Pleads Guilty To $5M Scheme

Law360, New York (December 15, 2011, 5:49 PM EST) -- New Century Hedge Fund Partners LP portfolio manager Ward Onsa pled guilty in a New York federal court Thursday to securities fraud in relation to $5 million he solicited from investors through a Ponzi scheme.

Onsa, 59, faces up to 20 years in prison. Prosecutors say he obtained the money between 2005 and 2010 from investors, primarily through individual retirement accounts. He was indicted in November 2010.

"Mr. Onsa stood up to the plate and accepted responsibility for his part in what happened," attorney John Kaley...
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