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News January 2, 2006 Issue

CT Hedge Fund Manager Faces Jail Time

Remember Scott Sacane, the Connecticut hedge fund manager who agreed to pay $350,000 to settle Federal Trade Commission charges that he failed to file Hart-Scott-Rodino Act notifications prior to making certain acquisitions via a hedge fund that he controlled?

Sacane recently pled guilty to SEC fraud charges that he inflated the value of three hedge funds he advised. He will be sentenced on April 28 and faces up to five years in jail and a fine of $250,000.