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Trader Admits Ponzi Scheme

MANHATTAN (CN) - Bret Green, manager and trader for HMC International investment fund, admitted he defrauded investors of more than $7 million, federal prosecutors said. Green claimed he earned huge returns on "momentum trading" for four years, but actually earned little or nothing - it was a Ponzi scheme.

Green, 32, of Highland Beach, Fla., faces up to 5 years in prison at his Jan. 22 sentencing. He pleaded guilty Tuesday to a one-count information charging him with investment fraud, the U.S. Attorney's Office said.

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