The Associated Press
Thursday, Mar. 21, 2013 | 07:31 AM
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.
