SAN JOSE (California) - A SILICON Valley hedge fund manager has been arrested in Hong Kong on charges that he bilked investors out of at least US$5 million (S$7.6 million).
According to a criminal complaint unsealed on Wednesday in San Jose federal court, Albert Hu faces six counts of wire fraud charges for an investment fraud scheme involving hedge funds he administered from 2002 to 2008, the San Jose Mercury News reported.
The complaint alleges Hu promised investors returns as high as 20-to-30 percent a year. He allegedly claimed he had enlisted prominent international law firms and well-known auditors to safeguard the funds while he moved money into foreign accounts that were out of the reach of his clients.
Prosecutors say Hu was arrested in Hong Kong on Tuesday. He will appear in court March 25 to address extradition to the US. -- AP
