New Century Ponzi Fraudster Gets 6 1/2 Years, Fined $3.1M

Law360, New York (July 26, 2012, 4:05 PM EDT) -- New Century Hedge Fund Partners LP manager Ward Onsa was handed a 6 1/2-year sentence and ordered to pay $3.1 million restitution in New York federal court Thursday after pleading guilty to securities fraud in relation to $5 million he solicited through a Ponzi scheme.

Onsa asked for a sentence below what the sentencing guidelines recommend, arguing that he was broke and had not profited off the scheme that mainly targeted retirement accounts, but U.S. District Judge Dora Irizarry said his offense was extremely serious and...
To view the full article, register now.

Related

Sections

Case Information

Case Title

USA v. Onsa


Case Number

1:10-cr-00730

Court

New York Eastern

Nature of Suit

Date Filed

September 23, 2010

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.