Hedge fund manager gets 14 years for running Ponzi scheme
25 Mar 2019

AP — A Boston hedge fund manager who scammed millions of dollars from friends, family and other investors in what authorities say was a Ponzi scheme has been sent to prison for more than 14 years.

Federal prosecutors say 70-year-old Raymond Montoya used the money for personal purchases, including luxury cars and his son’s mortgage.

Montoya from 2009 until 2017 ran a pooled investment hedge fund called RMA Strategic Opportunity Fund, LLC. Prosecutors say he told investors the fund was earning substantial returns, when by 2014 it was sustaining losses.

Link to AP

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