Former NJ Investment Firm Head Admits $4M Fund Scam

Law360, New York (September 26, 2012, 6:55 PM EDT) -- The former CEO of Osiris Partners LLC pled guilty in New Jersey federal court Wednesday to charges he vastly overstated the firm's net asset value and helped divert more than $4 million in investor funds for personal expenses.

Michael J. Spak, 44, waived prosecution and copped to one count of wire fraud before U.S. District Judge Joseph H. Rodriguez in Camden, N.J., court. He faces up to 20 years in prison and a $250,000 fine when he is sentenced Jan. 9.

Spak admitted he and others...
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