Charlotte Hedge Fund Manager Pleads Guilty In $8.9 Mil Scam

A once-influential hedge fund manager in Charlotte, N.C. has pleaded guilty to a Ponzi scheme that ultimately caused the collapse of his fund. The  Associated Press said Stephen Maiden, 40, is now free on bond pending sentencing. He pulled an $8.9 million scam through his Maiden Capital Opportunity Fund, paying early investors with money from newer ones.

Maiden is now looking at a maximum prison term of 20 years and a $250,000 fine, the wire service said.