" Thursday, March 19, 2009
ALBERT HU, SILICON VALLEY HEDGE FUND MANGER, ARRESTED IN HONG KONG
Albert Hu, a Silicon Valley hedge fund manager, was arrested in Hong Kong and charged by the U.S. Attorney and the Securities and Exchange Commission with duping investors out of millions of dollars.
According to articles in FINalternatives and The National Law Journal, Hu allegedly told clients that his hedge funds were affiliated with major international law firms and auditors, but according to court papers, "although some of the firms had provided unrelated legal advice to Hu or Asenqua entities, none served as legal counsel to the Asenqua hedge funds as specified in the investment agreements" .
Hu allegedly told investors that Pillsbury Winthrop Shaw Pittman was legal counsel to his Fireside LS Fund and in other documents, Hu claimed to be using law firms Heller Ehrman Rose, Proskauer Rose and Kirkpatrick & Lockhart as legal counsel.
Hu ran the fraud through several Sunnyvale, Calif.-based hedge funds from 2002 until 2008. Hu reportedly fled the U.S. in June, closing bank accounts he had in Singapore and shifting the supposedly stolen assets to accounts in Hong Kong and Taiwan.
Posted by Brian Willingham at Thursday, March 19, 2009 "
Source of Proskauer Rose Post
http://blog.gryphoninvestigations.com/2009/03/albert-hu-silicon-valley-hedge-fund.html
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