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John Clement of Encinitas was sentenced today (May 22) to two years in custody for defrauding investors in his $4.9 million Ponzi scheme named Edgefund Capital. He was also ordered to pay $4.9 million inn restitution, according to the U.S. Attorney's office. According to court records, Clement told investors that he ran a hedge fund specializing in trading stocks on a daily basis -- essentially, day trading. He promised victims 1.5% to 2% per month with little or no risk.
John Clement of Encinitas was sentenced today (May 22) to two years in custody for defrauding investors in his $4.9 million Ponzi scheme named Edgefund Capital. He was also ordered to pay $4.9 million inn restitution, according to the U.S. Attorney's office. According to court records, Clement told investors that he ran a hedge fund specializing in trading stocks on a daily basis -- essentially, day trading. He promised victims 1.5% to 2% per month with little or no risk.