Lion Capital Head Pleads Guilty To $1.3M Fraud Scheme

Law360, San Francisco (May 21, 2013, 7:02 PM EDT) -- The former operator of Lion Capital Management LLC pled guilty Tuesday to four felony mail and wire fraud counts in connection with a scheme in which he told investors he would put $1.3 million into a hedge fund, but instead spent the money on himself.

Dressed in a red prison jumpsuit, Lion Capital founder Hausmann-Alain Banet pled guilty to four of the 23 counts in the federal government's October 2012 indictment. Under the plea deal, the government is recommending Banet be sentenced to 63 to 78...
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