Black Diamond Hedge Fund Manager Cops To Ponzi Charges

Law360, New York (October 24, 2011, 7:54 PM EDT) -- A Black Diamond Capital Solutions LLC hedge fund manager pled guilty in North Carolina on Monday to taking part in a $40 million Ponzi scheme based on a nonexistent foreign currency trading platform.

Bryan Coats pled guilty to charges of conspiracy to commit fraud and money laundering conspiracy, giving prosecutors their seventh conviction in the case. He faces up to 15 years in prison.

According to a criminal information in the case, from October 2007 through December 2009, Coats and other so-called hedge fund managers defrauded...
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