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Principals in the Utah-based Coadum Advisors & operated hedge fund Coadum Capital
Old 12-24-2011, 02:35 PM   #1
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Principals in the Utah-based Coadum Advisors & operated hedge fund Coadum Capital

This is for anyone who is thinking of dropping a few bucks into any hedge fund.
Hedge Fund Advisor Cheated Victims Of $30 Million

The principal of a hedge fund based in Salt Lake City has pleaded guilty to conspiracy to defraud more than $30 million from more than 200 victims, most of them seniors, retirees and others looking for safe investment returns,

Although investors were instructed to transit funds to escrow accounts, including one in Atlanta, the money did not stay in any such account, Yates says. Instead, the two transferred more than $20 million of the money to a series of hedge funds that lost money.

They used $10 million of the money to operate the business, pay early investors and pay themselves $500,000 in cash. They ignored most investors' requests for distributions of earnings. The two were indicted in 2010 on 22 counts of mail fraud, wire fraud and conspiracy.
Hedge Fund Advisor Cheated Victims Of $30 Million
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