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Former hedge fund manager indicted in LA

The Associated Press

Thursday, Mar. 21, 2013 | 07:31 AM

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LOS ANGELES -- A former hedge fund manager has been indicted in Los Angeles on federal fraud charges for an alleged stock manipulation scheme that bilked investors out of $200 million.

The United States Attorney's Office says 53-year-old Florian Wilhelm Jürgen Homm, a German national, was named in a 10-count indictment returned Tuesday by a federal grand jury.

Homm was arrested recently in Italy after evading authorities for nearly five years.

Prosecutors say he oversaw a scheme designed to falsely inflate the reported returns of his hedge funds.

The indictment alleges that Homm had several co-conspirators. Nobody else has been charged.

Homm was the founder and chief investment officer of Absolute Capital Management Holdings Limited, a Cayman Islands-based investment advisor that managed eight hedge funds from 2004 until September 2007.


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