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Hedge fund founder sentenced to prison in Neiman Marcus fraud



(Reuters) – The founder of the New York Hedge Fund, who predicted that he could "go to jail" for corrupting the sale of certain assets during Neiman Marcus' bankruptcy, was sentenced on Friday to six months in prison.

Daniel Kamensky in Roslyn, New York, had pleaded guilty to bankruptcy fraud for pressuring Jefferies Financial Group not to offer securities belonging to the luxury merchant's creditors so that his now closed Marble Ridge Capital LP could buy them at a lower price.

USA District Judge Denise Cote in Manhattan said she thought Mr Kamensky was "deeply remorseful", but said he was "eliminated" from the press by running Marble Ridge.

"He betrayed his profession, his duty to others, his relationships," she said. "He broke the law."

Mr. Kamensky, who has also worked as a bankruptcy lawyer, had specialized in "emergency" investments at Marble Ridge and once had $ 1

.2 billion in assets under management.

According to prosecutors, Kamensky used his role as co-chair of a Neiman creditors' committee on July 31 last year to prevent Jefferies from bidding 30 cents a share for securities he wanted to buy for 20 cents a share.

Prosecutors said Kamensky threatened to stop doing business with Jefferies if he continued his bid and asked an employee there to lie about what he had done.

"Do you understand … I can go to jail," prosecutor Mr. Kamensky was quoted as saying. "They will say I abused my position as trustee, which I probably did, right?" The defendant was also sentenced to six months' imprisonment and to pay a fine of $ 55,000.

"There is no excuse for my behavior, and I am deeply sorry and embarrassed for my behavior," Kamensky said before being convicted.

More than 100 people sent letters in support of favorable treatment.

Neiman applied for Chapter 11 protection in May last year and appeared in September under new owners. In December, a bankruptcy judge approved a settlement of Neiman's own claims against Kamensky.

The case is U.S. v Kamensky, U.S. District Court, Southern District of New York, No. 21-cr-00067.
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