An ex-Eaton Vance
] PM will go to prison this fall.
Last Wednesday, in the Massachusetts U.S. District Court, 45-year-old Kevin Amell
of Hingham was sentenced
to 18 months in prison, followed
by a year of supervised release. U.S. District Judge Indira Talwani
also ordered Amell to pay more than $1.535 million in restitution, and the prosecution also called for Amell to forfeit more than $1.954 million in the form of a "personal money judgment."
The Boston Business Journal
, Citywire USA
, and Reuters
all picked up on the sentencing.
Amell, an alumnus of Numeric Investors and Jacobs Levy Equity Management, first joined Boston-based Eaton Vance in 2009 as an equity options trader, and in 2012 he became
one of the PMs on the Eaton Vance Risk-Managed Diversified Equity Income Fund
. Yet in April 2017
the fund and the SEC charged
him with diverting
$1.95 million from the fund to himself, claiming that he prearranged options trades between the fund and his own accounts that took advantage of the fund. Eaton Vance also found out about the fraud that month, the Boston Business Journal
guilty to one count of securities fraud. With last week's sentencing, the judge honored Amell's request that he serve out his sentence at FCI Florence, a federal prison in Colorado. (Amell's lawyer, Karen Pickett
of Pickett Law Offices, initially pushed for Amell to instead be sentenced to one year of home confinement.) Amell's prison term begins on October 16.
"I'm not going to be able to eloquently express how sorry and ashamed I am by this," Amell said at the sentencing hearing, Reuters
Neil Anderson, Managing Editor
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