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Fund manager gets up to 6 years in N.Y. prison for siphoning $9 mln from investors — Reuters

(Reuters) – A private equity fund manager was sentenced to up to six years in a New York state prison on Monday for stealing and laundering $9.3 million in investor funds.

Lawrence Penn, the founder of investment advisory firm Camelot Group, was sentenced by Acting Supreme Court Justice Laura Ward in Manhattan after pleading guilty in March to grand larceny and falsifying business records.