MANHATTAN - Hedge fund manager John Whittier was sentenced to 3 years in prison on Monday for his Wood River Partners and Wood River Partners Offshore securities frauds, federal prosecutors said.
Whittier lied to investors by saying he would put only 10 percent of his companies' money into any one stock, and also lied that Wood River was being audited. He bought up 80 percent of the common stock of Endwave Corp., violated the law by failing to report that to the SEC, and lost $88 million when Endwave stock tanked. Whittier, 41, of Hailey, Idaho, also was ordered to cough up $5.5 million.
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