2nd Circ. Tosses Hedge Fund Manager’s Appeal In $5M Fraud

Law360, New York (June 28, 2013, 7:24 PM EDT) -- Former hedge fund manager Ward Onsa will not get a break on the 6 1/2-year sentence he received for running a $5 million Ponzi scheme, the Second Circuit said Friday.

A panel of judges from the appeals court rejected a challenge to the sentence from Onsa, a former manager of New Century Hedge Fund Partners LP. Onsa argued that his sentence was wrongly increased because the lower court had classified him as an investment adviser and had estimated his loss at higher than it actually was....
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