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United States Attorney Laura Duffyannounced that today United States District Court Judge Irma E. Gonzalezsentenced John Clement, age 65, a resident of Encinitas, California, to serve24 months in custody for his participation in a scheme to defraud investors outof more than $4.9 million through his operation of a Ponzi scheme under thename Edgefund Capital LLC (“Edgefund”). Clement was also ordered to pay $4.9million in restitution and to serve three years’ supervised release.
According to court records, Clement pledguilty in September 2011 to a criminal information charging him with one countof wire fraud. According to admissions in a plea agreement and other courtrecords, beginning in March 2007, Clement falsely represented to investors thatEdgefund was a successful hedge fund that specialized in trading stocks on adaily basis and that investors would make between 1.5 percent and 2 percent permonth with little or no risk involved. Clement also falsely induced investorsnot to withdraw their funds or to send money to Edgefund, and not to withdrawtheir funds, by issuing false account statements indicating that investors wereroutinely earning substantial positive returns when, in fact, Clement knew thatthe high returns paid to investors came from new investor money and not fromprofits.
United States Attorney Duffy praised theefforts of the Federal Bureau of Investigation who conducted thisinvestigation.
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