Hedge Fund Manager Gets 54 Months In $311M Fraud Scheme

Law360, Philadelphia (September 23, 2013, 4:08 PM EDT) -- A former hedge fund manager charged for his role in a $311 million mortgage fraud scheme was sentenced Monday to serve more than four years in federal prison and ordered to pay nearly $115 million in restitution to Barclays Bank.

A federal judge in Philadelphia sentenced John Tausche to 54 months in prison and ordered him to pay $114.9 million to Barclays after he pled guilty in November on charges that he participated in a scheme to induce the bank to contribute sizable amounts of money...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.