Hedge Fund Boss Jailed For Stock Market Fraud

Law360, New York (January 31, 2007, 12:00 AM EST) -- A hedge fund manager who deceived investors by manipulating the stock market and pocketing $40 million in performance fees has been jailed for three years.

Scott Sacane, who pled guilty in December 2005 to violating the Investment Advisors Act, now faces a court order forcing him to repay as much as $33 million to duped shareholders.

Senior U.S. District Judge Alan Nevas sentenced the Connecticut fund operator Tuesday, ordering Sacane serve an additional three years of supervised release at the end of his prison term....
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