On Friday, it was announced that a film producer and entrepreneur had been convicted of defrauding investors of more than $26 million. David Bergstein is now scheduled to be sentenced on June 8, 2018. The defendant will be sentenced by United States District Judge P. Kevin Castel, who also presided over the four-week trial. Co-defendant Keith Weller pleaded guilty and has been cooperating with the government.
From 2011 through 2012, Bergstein was involved in a scheme to defraud investors in Weston Capital Asset Management, which is a New York-based registered investment adviser. The defendant carried out the scheme by concealing material information, transferring funds from one pool of investors to make payments to other investors and misappropriating a portion of the funds from his own benefit. The defendant carried out the scheme through two transactions involving Weston investors’ assets.
The first was a loan from a Weston fund called the Partners 2 Fund. The second was a swap agreement with a Weston fund called the Wimbledon TT Portfolio. 55-year-old David Bergstein of Hidden Hills, California was convicted of numerous charges. He was remanded after the jury’s verdict.
To learn more about the charges and potential sentences, be sure to click here.