Former Lion Capital CEO Sentenced To 56 Months For Fraud

Law360, San Francisco (August 6, 2013, 8:27 PM EDT) -- A California federal judge Tuesday sentenced the former CEO of Lion Capital Management LLC to 56 months in prison and ordered him to pay $1.2 million in restitution for spending investors' money on himself after telling them he would put it into a hedge fund.

U.S. District Court Judge William Alsup agreed to apply two enhancements recommended by the U.S. attorney's office, including one for obstruction of justice after former Lion Capital CEO Hausmann-Alain Banet lied during a deposition by the U.S. Securities and Exchange Commission...
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