Fund Manager Gets 10 Years For $145M Ponzi Scheme

Law360, New York (January 9, 2012, 2:53 PM EST) -- A Utah federal judge on Friday handed a 10-year prison sentence to a former manager of a real estate loan fund who was accused of fraudulently raising nearly $145 million from about 175 investors.

Prosecutors have claimed Travis L. Wright, who controlled Waterford Funding LLC and related entities, ran a Ponzi scheme and used more than $15 million in investor money to fund his lavish lifestyle. U.S. District Judge Clark Waddoups on Friday also sentenced Wright to three years of supervised release and ordered him to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.