Hedge fund founder Dan Kamensky gets prison sentence for fraud during Neiman Marcus bankruptcy

[TexasTowelie]

The New York hedge fund founder who was charged with committing fraud during Neiman Marcus’ bankruptcy last year has been sentenced to six months in prison.

Marble Ridge Capital founder Dan Kamensky, 48, pleaded guilty to bankruptcy fraud and extortion committed while he was on a committee of unsecured creditors in the Neiman Marcus bankruptcy.

The sentence, handed down Friday by U.S. District Court Judge Denise L. Cote in New York, includes six months of supervised release under home detention after the prison term.

Kamensky admitted he pressured a rival bidder to abandon a higher offer for Mytheresa, an asset owned by Neiman Marcus at the time, so that his hedge fund could buy it for a lower price. Kamensky had a legal duty to represent the interests of all unsecured creditors and secure the best offer.

Read more: https://www.dallasnews.com/business/retail/2021/05/10/hedge-fund-founder-kamensky-gets-prison-sentence-for-fraud-during-neiman-marcus-bankruptcy/

Six months seems like a slap on the wrist. Kamensky knew he did something illegal and the sentence should reflect that. He should lose his lawyer's license and be subjected to drug testing like any other criminal.

[TreasonousBastard]

1. It may be a little slap, but...

from the article:

U.S. Bankruptcy Judge David Jones, who presided over the Neiman Marcus reorganization in Houston, wasn’t as understanding. Jones called Kamensky a “thief” and a “liar” during a hearing in December to approve a settlement agreement that required Kamensky to pay $1.4 million in fees and other restitution, including $100,000 to charities and public service.

[empedocles]

2. Restitution seems small also