Nov

A Hedge Fund Manager Committed Fraud. Would the U.S. Let Him Go?

TORONTO — Forty inmates lined up for the daily mail call at the Fort Dix Federal Correctional Institution, a complex of low-slung brick buildings in the middle of New Jersey.

It was July 2012, and one of the inmates was Philip Baker. A former hedge fund manager, he was serving a 20-year sentence for fraud. He had used bogus performance data to lure hundreds of people and institutions into his fund. His investors had lost hundreds of millions of dollars…

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A Hedge Fund Manager Committed Fraud. Would the U.S. Let Him Go?

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