Investment Fund Head Pleads Guilty To $2.3M Ponzi Scheme

Law360, New York (November 9, 2012, 7:03 PM EST) -- The president and founder of investment fund Wasson Capital Ltd. on Friday pled guilty in New York federal court to orchestrating a $2.3 million Ponzi scheme to defraud investors, federal authorities said.

Anand Sekaran, 44, pled guilty to one count of securities fraud and one count of mail fraud, admitting that he sent his clients false account statements, used incoming money to satisfy investor redemption requests and pooled investor money, also dipping into the pool to pay himself.

"I advised investors that their money was safe...
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