GMM Hedge Fund Manager Pleads Guilty

Law360, New York (February 28, 2006, 12:00 AM EST) -- The hedge fund manager of Global Money Management pled guilty in federal court on Monday to conspiring to pilfer investors out of up to $60 million.

Marvin Irwin Friedman confessed to tax evasion and conspiracy to commit mail fraud in the U.S. District Court for the Southern District of California.

His sentence is scheduled for May 15. Friedman could receive a maximum of eight years in prison on the two charges.

GMM, a $116 million hedge fund that invested in stock and stock options, fell apart...
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