Aberon Capital Boss Denies $20M Hedge Fund Racket

By Stewart Bishop (February 14, 2019, 6:00 PM EST) -- Aberon Capital Management principal Niket Jain on Thursday denied criminal charges brought over an alleged $20 million scheme to con investors in the Cayman Islands hedge fund.

Jain was arraigned before U.S. District Judge P. Kevin Castel in Manhattan, where he pled not guilty to securities fraud, wire fraud, conspiracy and obstruction of justice.

Prosecutors say from about 2010 to 2014, Jain and another managing member of Aberon raised around $20 million from investors and falsely claimed the fund was chalking up capital gains, when it was actually hemorrhaging cash.

For example, the indictment, which does not name the fund, says...

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