His legal team said that, but of course that doesn't mean he didn't commit fraud. As I understand it, he took money from his pharmaceutical company to cover up trading losses in his fund. The fact that investors all made money doesn't change a)that this is almost certainly criminal in and of itself if you don't 100% own both the fund and the company b)pharma investors would have made more money had he not taken some of their cash and given it to investors in his fund.
Edit: And of course reporting requirements. If you're investing with other people's money, you don't get to make a huge loss just disappear and not tell people about it. There are a bunch of laws about that sort of thing.
not saying that he didn't defraud his investors - just pointing out that I was under the impression that his fraud did not economically harm his investors (which is rarely the case in these prosecutions) and puts his sentence in a different light to a certain extent...
Edit: And of course reporting requirements. If you're investing with other people's money, you don't get to make a huge loss just disappear and not tell people about it. There are a bunch of laws about that sort of thing.