Dec 12 A man who stole money from clients after
convincing them he was a Harvard-trained hedge fund manager with
more than $1 billion under management plead guilty on Wednesday
to five counts of wire fraud, the U.S. Department of Justice
Andrey Hicks pleaded guilty before U.S. Federal Judge Patti
Saris in Boston, admitting that he had stolen $2.3 million from
10 people who believed he was investing the money into his firm,
Locust Offshore Management.
He was arrested last year while trying to flee to
An attorney for Hicks could not immediately be reached for
Hicks is scheduled to be sentenced on March 6, 2013 and
faces up to 20 years in prison.
In March, a federal judge ordered him and Locust Offshore to
pay back $2.5 million with interest plus pay more than $5
million in penalties.
Hicks' story garnered media attention partly because
National Basketball Association player Kris Humphries, the
former husband of reality TV star Kim Kardashian, had invested
money with Hicks, a government source familiar with the matter
said at the time.
In addition to saying he was an Ivy League graduate, Hicks
told investors that he had been a successful hedge fund manager
at Barclays Capital and that his fund earned nearly 80 percent
profit in 2011, the Department of Justice said.