Hedge Fund Trader|Siphoned Off $3M

NEW YORK (CN) - Ezra Levy, the former chief trader of a Manhattan-based hedge fund, pleaded guilty to securities and wire fraud for stealing $3 million from the fund.

Federal prosecutors say Levy diverted money owed to the fund to his own account. He also bought stock at inflated values with the fund's money and pocketed the profits.

Levy, 32, used the money to pay personal credit card bills, prosecutors said after Levy pleaded guilty on Thursday.

Sentencing is scheduled for sentencing on for June 18.

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