US Hedge Fund Manager Arrested

Albert Hu of Asenqua Capital Management in Silicon Valley was arrested in Hong Kong. Hu is alleged to have stolen $5 million or more from investors. Albert Hu faces six counts of wire fraud charges for an investment fraud scheme involving hedge funds he administered from 2002 to 2008, the San Jose Mercury News reported.

According to the FBI, "Hu's materially false statements regarding his hedge funds and their affiliated entities caused victim-investors to wire substantial amounts to entities under his control."

Though the amount of money at stake is 1/10,000 of what Bernard Madoff allegedlyy took from investors, some of the promises were similar. Alber Hu allegedly promised investors steady returns of 20-30%.

Albert is also a Partner at Asenqua Ventures, a VC firm.

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