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05.07.10 Man Sentenced In $8 Million Investment Fraud Case  By Mike SachoffA California man has been sentenced to more than eight years in prison and ordered to pay restitution for committing mail fraud in connection with investment funds he operated from 1998 to 2007. Alexander James Trabulse, 62, of Colma, California, managed San Francisco-based hedge funds known as the Fahey Hedge Fund and Fahey Financial Group, admitted to engaging in fraudulent conduct which caused investors to lose $8.3 million. In 1998 through 2007, Trabulse deceived investors by mailing fraudulent periodic account statements which made false representations about the true disposition of their funds, and overstated the investors' returns and account balances. In 2006, 165 investors had invested a total principal amount of approximately $17.6 million. Trabulse misled these investors into believing that their investments in the Fahey Funds were worth a total of approximately $50 million, when in truth their investments were worth tens of millions of dollars less than that amount. The sentence was handed down by U.S. District Court Judge William H. Alsup, who sentenced Trabulse to 97 months in prison, to pay $8.5 million in restitution to victims, to perform 200 hours of community service in a soup kitchen, and to give a speech or speeches to a total of 200 people in which he must describe his conduct and its consequences. He will begin serving the sentence on or before August 3. About the Author: Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news. |
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