Hedge Fund Manager accused of embezzlement

Pennsylvania hedge fund manager was indicted by a grand jury for allegedly lying to investors and transferred hundreds of thousands of dollars to his personal account.

Federal prosecutors in Alabama last week accused Anthony Klatch and his partner, Timothy Sullivan misleading investors in his company, activity Capital Partners, which solicited more than 2.3 million USD from eight investors, half of them Alabama residents, reported JOB options.

Prosecutors asked to Klatch and Sullivan only invested 60% of the money they raised for the task at the end of 2009, and lost it all through bad investments. The other 40% was used to pay off "angry investors" or went against the Klatchs personal account.

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