NY Investment Manager Gets 15 Years For $5M Fraud Scheme

Law360, New York (January 16, 2014, 3:24 PM EST) -- An investment manager convicted of wire fraud charges for bilking investors out of millions of dollars in a stock trading scheme designed to finance his gambling habit was sentenced to more than 15 years in prison Wednesday in New York federal court.

Aleksander Efrosman, whose companies Century Maxium Fund Inc. and AJR Capital Inc. had claimed to use a stop-loss method to ensure trades did not lose more than 3 percent of their initial investment, was ordered by U.S. District Judge Nicholas G. Garaufis to serve...
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