New York hedge fund founder Kamensky sentenced to prison in Neiman Marcus fraud
Reuters | May 07, 2021 11:56 PM EDT
Shoppers enter and exit the Neiman Marcus at the King of Prussia Mall, United States largest retail shopping space, in King of Prussia, Pennsylvania (Photo : REUTERS/Mark Makela/File Photo)
The New York hedge fund founder who predicted he might go to jail for corrupting the sale of some assets during the bankruptcy of Neiman Marcus was sentenced on Friday to six months in prison.
Daniel Kamensky, 48, of Roslyn, New York, had pleaded guilty in February to bankruptcy fraud for pressuring Jefferies Financial Group not to bid for securities belonging to the luxury retailer s creditors so his now-closed Marble Ridge Capital LP could buy them at a lower price.
New York hedge fund founder Kamensky sentenced to prison in Neiman Marcus fraud
By Jonathan Stempel
Reuters
NEW YORK (Reuters) -The New York hedge fund founder who predicted he might go to jail for corrupting the sale of some assets during the bankruptcy of Neiman Marcus was sentenced on Friday to six months in prison.
Daniel Kamensky, 48, of Roslyn, New York, had pleaded guilty in February to bankruptcy fraud for pressuring Jefferies Financial Group not to bid for securities belonging to the luxury retailer s creditors so his now-closed Marble Ridge Capital LP could buy them at a lower price.
U.S. District Judge Denise Cote in Manhattan said she found Kamensky deeply remorseful, but said he came undone from the pressures of running Marble Ridge.
Daniel Kamensky, founder and former manager of New York-based hedge fund Marble Ridge Capital, has been sentenced to six months in prison for bankruptcy fraud, according to a statement from the United States Attorney’s Office in the southern district of New York.
The sentence, which came on Friday in a Manhattan federal court, comes after Kamensky was charged for “engaging in fraud and extortion to pressure a rival bidder to abandon its higher bid for assets in connection with Neiman Marcus’s bankruptcy proceedings so that Marble Ridge could obtain those assets for a lower price,” according to the statement.
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Ex-BigLaw Atty Gets Prison For Conduct In Bankruptcy Case
Law360, New York (May 7, 2021, 5:45 PM EDT) A Manhattan federal judge hit a hedge fund pro and onetime BigLaw lawyer with six months in prison Friday for illegally pressuring Jefferies Financial Group not to challenge his bid for assets sold by retailer Neiman Marcus in a Texas bankruptcy.
U.S. District Judge Denise L. Cote said Daniel Kamensky, who has shut down his $1 billion Marble Ridge Capital LP fund, is a good man who engaged in deeply disturbing behavior in imposing sentence. She directed him to surrender to custody by June 18.
The hedge fund executive has been sentenced to 6 months in prison for bankruptcy fraud
A New York federal judge has sentenced a prominent U.S. hedge fund manager to six months in prison for misconduct in the 2020 failure of luxury retailer Neiman Marcus.
Dan Kamensky, founder of Marble Ridge Capital, he pleaded guilty in February, a single $ 172 million allotted to Neiman’s unscrupulous creditors was improperly linked to an effort to secure a fraudulent charge.
Kamensky appeared in a socially distressed court appearance on Friday for the punishment he wore in a dark suit, accompanied by lawyer Joon Kim and a small group including his wife and son-in-law.