Bernie Madoff, the fraudster who ripped $65 billion off investors over a 20 year period, and who in spite of not actually being a hedge fund did nothing to help the industry's reputation, reportedly has advanced kidney cancer, and recently suffered a heart attack. It seems he might not get to serve out his full 150 year sentence.
Meanwhile Shawn Richard, the only person jailed over the Trio Capital/Astarra fraud (which was a hedge fund) was reportedly released from goal this week after serving his minimum two and a half year sentence. At the same time financial adviser Ross Tarrant, who was banned by ASIC for seven years for recommending his clients invest in Richard's fraud (and presumably benefited from the significant commissions on offer) has lodged a submission with the Federal Court to appeal the AAT's upholding of his ASIC ban order.
