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Ex-NYSE Manager Faces Jail In Hong Kong For Fraud

Law360 (October 25, 2006, 12:00 AM EDT) -- A hedge fund manager who pilfered $194.5 million and led to the financial ruin of hundreds of clients in Hong Kong was sentenced to four-and-a-half years in jail on Wednesday after pleading guilty to false accounting.

Charles Schmitt, a former New York Stock Exchange manager who founded CSA Absolute Return Fund Ltd., was found guilty of 19 counts of false accounting, which carry a maximum sentence of 10 years’ imprisonment.

“This was a well-planned and sophisticated scheme. The defendant absolutely abused the trust of the investors...
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