SEC says hedge fund manager Sacane pleads guilty

December 22, 2005
Reuters

The U.S. Securities and Exchange Commission said on Thursday that hedge fund manager Scott Sacane has pleaded guilty to criminal investment adviser fraud in a case being prosecuted by the U.S. Attorney's Office in New Haven, Connecticut.

Sacane, 39, was sued by the SEC in October over related civil allegations that he manipulated the stock of medical products maker Aksys Ltd. and Esperion Therapeutics Inc., a choleterol drug therapy company since acquired by Pfizer Inc., the SEC said...

...A U.S. District Court judge in Connecticut has scheduled sentencing for April 28. Sacane faces a maximum sentence of 5 years in prison and a fine of up to $250,000, the SEC said.

The U.S. Federal Trade Commission in September ordered Sacane to pay a $350,000 fine over charges involving the acquisition through Durus of large stakes in Aksys and Esperion.