Former investment advisor Alan Bond was sentenced to 12 years and seven months in prison for stealing more than $6 million from his clients. (Ward Resigns).Former investment advisor Alan Bond was sentenced to 12 years and seven months in prison for stealing more than $6 million from his clients. The judge also ordered Bond to pay $6.5 million in restitution to his clients, including three pension plans and $35,000 in fees. The former president and chief investment officer of Albriond Capital Management was convicted of investment advisory fraud and mail fraud in the "cherry picking Cherry Picking 1. The act of investors choosing investments that have performed well within another portfolio in anticipation that the trend will continue.2. Relating to bankruptcy proceedings whereby the courts uphold contracts favorable to bankrupt companies, but annul those that are unfavorable. Notes: 1." scheme in June and pleaded guilty in October to conspiracy, investment-advisory fraud, and making false tax returns.
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