New York fund manager pleads guilty to Ponzi scheme

NEW YORK, July 10 Wed Jul 10, 2013 8:54pm EDT

NEW YORK, July 10 (Reuters) - A former New York fund manager pleaded guilty on Wednesday to stealing $2.9 million from investors as part of a Ponzi scheme from 2011 to 2012.

Jason Konior, 39, defrauded clients by vowing to provide matching funds up to nine times the amount of their investments in his fund, Absolute, according to the U.S. Attorney's office in Manhattan.

Instead, prosecutors said, Konior used the money he collected to pay his expenses and to cover redemption requests from prior investors.

In emails, phone conversations and text messages, Konior pretended to set up brokerage accounts for hedge fund investors when he had already stolen their money, prosecutors said.

Konior pleaded guilty in Manhattan federal court to one count of wire fraud, which carries up to 20 years in prison. His sentencing is scheduled for November 8 before U.S. District Judge Alvin Hellerstein.

Konior's lawyer, Douglas Jensen, declined to comment.

The case is U.S.A. v. Konior, U.S. District Court for the Southern District of New York, No. 13-275.

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Comments (3)
Where is the justice is giving 20 years when the people he defrauded have no money for their future and he has stolen their life savings? These sociopaths/psychopaths have no remorse… so put them away for life or make the community service burden after the 20 year term (yeah like he will serve 20… pffft) match the burden of future loss that his victims have to bear.

That white collar crime ends with hand slaps shows, and banksters and investment companies get off scot-free while their companies pay measly fines that are only a small portion of what they stole, there is little justice in the justice system. With no deterrents, the forcast is for more of the same.

Jul 11, 2013 11:03am EDT  --  Report as abuse
Where is the justice is giving 20 years when the people he defrauded have no money for their future and he has stolen their life savings? These sociopaths/psychopaths have no remorse… so put them away for life or make the community service burden after the 20 year term (yeah like he will serve 20… pffft) match the burden of future loss that his victims have to bear.

That white collar crime ends with hand slaps shows, and banksters and investment companies get off scot-free while their companies pay measly fines that are only a small portion of what they stole, there is little justice in the justice system. With no deterrents, the forcast is for more of the same.

Jul 11, 2013 11:03am EDT  --  Report as abuse
Where is the justice is giving 20 years when the people he defrauded have no money for their future and he has stolen their life savings? These sociopaths/psychopaths have no remorse… so put them away for life or make the community service burden after the 20 year term (yeah like he will serve 20… pffft) match the burden of future loss that his victims have to bear.

That white collar crime ends with hand slaps shows, and banksters and investment companies get off scot-free while their companies pay measly fines that are only a small portion of what they stole, there is little justice in the justice system. With no deterrents, the forcast is for more of the same.

Jul 11, 2013 11:03am EDT  --  Report as abuse
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