$23M Fraud Leads To 12-Year Prison Sentence

Law360, New York (March 11, 2008, 12:00 AM EDT) -- The Ponzi scheme that netted Beta Asset Management founder Brad Weaver $22.6 million has landed him in jail, the U.S. Securities and Exchange Commission said Monday.

The SEC announced that Weaver has been sentenced to 12 years and seven months in prison by Judge John W. Darrah of the U.S. District Court for the Northern District of Illinois.

In addition to the sentence, which resulted from a criminal proceeding related to the SEC's case against Weaver, the former money manager has been ordered to pay $22.6...
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