Massachusetts Ponzi Scheme Manager Sentenced to 7 years

October 17th, 2009
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Michael C. Regan, who was convicted of stealing $8.9 million from investors in a Ponzi scheme, was sentenced to 7 years by a federal court on Wednesday. Bloomberg reported that Mr. Regan, who operated his scheme through his Massachusetts-based River Stream hedge fund, defrauded approximately 50 investors from 2000 to 2008. Mr. Regan agreed to pay $8.9 million in restitution but filed for bankruptcy protection after turning himself in. The government stated that it is unlikely that victims will ever be fully compensated.
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River Stream Fund
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