On October 30, 2017, Connecticut resident Steven Simmons pled guilty to one count of conspiracy to commit securities fraud and wire fraud stemming from his role in an alleged Ponzi scheme.  According to the superseding indictment filed against Simmons and other related filings with the court, Simmons solicited more than $6 million in investments for a hedge fund between 2013 and January 2017 by making false representations to investors that the funds would be placed with high-performing portfolio managers and would earn specified rates of return.  Simmons reportedly failed to invest the funds he solicited, instead misappropriating investor monies for personal use and to cover redemptions requested by earlier investors.  Authorities maintain that in at least one instance, investments solicited by Simmons were wired from the hedge fund to earlier investors almost immediately after receipt.  Pursuant to his plea agreement with the government, Simmons has agreed to forfeit $6.9 million.  Simmons entered his plea before the Honorable Barbara Moses of the Southern District of New York.  He faces up to five years in prison on sentencing, which will occur at a later date.  U.S. v. Simmons et al., 17-cr-127 (S.D.N.Y.)

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