Updated: Tuesday, 26 Feb 2013, 4:59 PM EST
Published : Tuesday, 26 Feb 2013, 4:59 PM EST
HARTFORD, Conn. (AP) — Three executives of a Ridgefield-based hedge fund have been accused of lying to clients about the state of their investments in order to keep their business.
The executives of New Stream Capital each pleaded not guilty Tuesday in federal court in Hartford to charges of conspiracy, securities fraud and wire fraud.
Two of the defendants, 44-year-old David Bryson of Ridgefield and 61-year-old Bart Gutekunst of Weston, were released on $5 million bonds. Forty-year-old Richard Pereira of Ridgefield was released on a $300,000 bond.
The indictment alleges that New Stream failed to inform investors who transferred from one fund to another that the older fund remained open and was being given priority.
Stan Twardy, an attorney for Gutekunst, said his client looks forward to the opportunity to vindicate himself in court.