Hedge Fund Manager Gets 54 Months In $311M Fraud Scheme

Law360, Philadelphia (September 23, 2013, 4:08 PM EDT) -- A former hedge fund manager charged for his role in a $311 million mortgage fraud scheme was sentenced Monday to serve more than four years in federal prison and ordered to pay nearly $115 million in restitution to Barclays Bank.

A federal judge in Philadelphia sentenced John Tausche to 54 months in prison and ordered him to pay $114.9 million to Barclays after he pled guilty in November on charges that he participated in a scheme to induce the bank to contribute sizable amounts of money...
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