New Century Ponzi Fraudster Gets 6 1/2 Years, Fined $3.1M

Law360, New York (July 26, 2012, 4:05 PM EDT) -- New Century Hedge Fund Partners LP manager Ward Onsa was handed a 6 1/2-year sentence and ordered to pay $3.1 million restitution in New York federal court Thursday after pleading guilty to securities fraud in relation to $5 million he solicited through a Ponzi scheme.

Onsa asked for a sentence below what the sentencing guidelines recommend, arguing that he was broke and had not profited off the scheme that mainly targeted retirement accounts, but U.S. District Judge Dora Irizarry said his offense was extremely serious and...
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