Investment Manager Cops To $5M Fraud Scheme

Law360, New York (October 18, 2012, 11:04 PM EDT) -- An investment manager accused of bilking investors of $5 million admitted Thursday to wire fraud charges stemming from a four-year scheme in which he financed his gambling habit with investment funds he solicited for stock market trading.

Aleksander Efrosman, whose companies Century Maxim Fund Inc. and AJR Capital Inc. had claimed to use a stop-loss method to ensure trades did not lose more than 3 percent of their initial investment, pled guilty in New York federal court after he was extradited in August 2011 from Poland,...
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