A Manhattan judge sentenced a hedge fund manager to probation rather than prison for securities fraud, saying that the defendant had taken responsibility for his crimes quickly.<\/p>\n
U.S. District Judge Robert Sweet sentenced Owen Li, the founder of Canarsie Capital LLC, to probation. The judge earlier indicated that he was likely to give Li a five-year prison sentence, which was in line with the recommendations of prosecutors and less than the sentence advised by federal guidelines. The judge reconsidered, saying that Li had done \u201call a human being could do\u201d to \u201cclean up the tragedy\u201d and take responsibility for his crimes.<\/p>\n
In December, Li pleaded guilty to securities fraud and making a false statement. Over a period of three weeks in January 2015, Li lost nearly all of the $57 million in investments that he was overseeing, after moving most of the portfolio into market index options whose value collapsed soon afterwards. (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A Manhattan judge sentenced a hedge fund manager to probation rather than prison for securities fraud, saying that the defendant had taken responsibility for his crimes quickly. U.S. District Judge Robert Sweet sentenced Owen Li, the founder of Canarsie Capital…<\/span><\/p>\n