Hedge Fund Manager Who Said âIâm Going To Jailâ Is In Fact Going To Jail
But at least heâs not going to jail for 18 months.
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But at least heâs not going to jail for 18 months.
Dan Kamensky knew what he had coming to him. Shortly after attempting to browbeat his investment bank into not outbidding him for something he’d fought for and wanted for his hedge fund, Marble Ridge Capital, he turned to pleading. “If you’re going to continue to tell them what you just told me, I’m going to jail, okay?” he said. “I’m asking you not to put me in jail.” Well, Kamensky’s begging proved no more successful than his bullying, and the Jefferies banker on the other end did continue to tell them what he had just told Kamensky, which was probably something along the lines of, “you appear to have breached your fiduciary duty to your fellow Neiman Marcus creditors, whom you represent as a member of the creditors committee, but trying to keep them fro
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.
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.