Hedge-fund manager pleads guilty to Ponzi scheme

PORTLAND, Ore. — A Portland hedge-fund manager has pleaded guilty to 17 counts of mail and wire fraud in connection with a Ponzi scheme he orchestrated in Oregon, Washington and other states.

Assistant U.S. Attorney Allan Garten said after Tuesday’s plea hearing that 44-year-old Yusaf Jawed will be sentenced June 21 and is expected to get a prison sentence of 6½ years.

The Securities and Exchange Commission has filed a civil lawsuit against Jawed, alleging he falsely boasted of double-digit returns to lure more than 100 people to invest their money in hedge funds he managed. He then used money to pay off earlier investors and pay for his personal expenses and travel.

More in Local News

Lynnwood robbery leads to lockdown at Edmonds schools

Edmonds police said it was just a precaution as they search around Edmonds-Woodway High School.

1 person shot in Everett thrift store parking lot

Multiple people called 911 after overhearing a loud argument and then multiple gunshots.

Marysville 7-Eleven hit by armed robbers

Officers set up a perimeter and brought in a police dog, but the man couldn’t be found.

2 women struck, injured while crossing busy roads

The first happened Wednesday night in Everett. The second was Thursday morning in Edmonds.

One dead in crash south of Granite Falls

Two cars collided near the intersection of N. Lake Roesiger Road and Hidden Valley Road.

Old Silvana Creamery recalling whole raw milk

The milk was sold at the farm store, directly to customers and at local stores.

Signs show the rates for using the express toll lanes for traffic headed southbound on Interstate 405, Tuesday, Feb. 16, 2016, in Bothell, Wash. Gov. Jay Inslee announced plans Tuesday to try to decrease congestion on I-405 in answer to commuter complaints that the new express lane tolling system is making traffic worse. The governor said he would not be shutting down the tolling system as some people have called for. But the state transportation department is making plans to add new northbound general purpose lanes to ease some of the congestion and also plan to make it easier to move into and out of the express lanes. (AP Photo/Elaine Thompson)
If drivers paid even more, I-405 toll lanes might speed up

A report recommends lifting the maximum toll of $10 and varying it by segment traveled.

Departing mayor’s locally drawn portrait joins city’s pantheon

Artist Elizabeth Person’s portrait of Everett Mayor Ray Stephanson will hang with others at City Hall.

Investigation recommends girl shot by officers face charges

The teen is accused of assaulting her boyfriend and the responding police officers.

Most Read