Paul Pomfret, a former hedge fund manager who played tight end for Penn State’s national championship football team in 1986, faces up to 20 years in federal prison after pleading guilty to wire fraud.
Federal prosecutors last year accused Pomfret of defrauding a South Carolina businessman of $500,000. The unnamed victim met Pomfret in the Cayman Islands in 2010 and agreed to invest in Pomfret’s hedge fund, PDP Capital Investments of Palm Beach, prosecutors said.
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