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Private Fund Manager Convicted for Misappropriating Investor Funds
SEC v. Scott M. Ross
- 2013
Defendant using three purported private investment funds that he managed, raised at least $10 million from approximately 300 investors, and then misappropriated the investors’ money. He took undisclosed commissions – paying himself a $319,000 salary – and used money from one fund to pay returns to investors in another fund. He also purchased a $70,000-per-year sky box at the stadium of the Indianapolis Colts . Defendant ultimately was sentenced to 72 months in prison in a parallel criminal action.
