The hedge fund billed itself as a fund for the "little guys" and "moms and pops," according to court documents.
A manager of a hedge fund that billed itself as a fund for the "little guys" admitted Tuesday in federal court in Camden that he bilked 76 victims of more than $4 million and avoided paying more than $273,000 in taxes.
Peter Zuck, 66, of Middletown, pleaded guilty to one count of conspiracy to commit wire fraud and four counts of tax evasion, acting U.S. Attorney William E. Fitzpatrick announced in a statement. Zuck faces up to 20 years in prison and a $250,000 fine.
Zuck was a co-founder of the Jersey City-based hedge fund Osiris Partners LLC and Osiris Partners Fund Limited. According to court documents, the hedge fund described itself as the fund for the "little guys" and "moms and pops."
Between June 2009 and November 2011, Osiris Fund Limited Partnership solicited 76 investors to invest $12 million in the fund, officials said.
Officials said Zuck, along with other members of the hedge fund, admitted to illegally pocket some $4 million in investor money.
One of those members included Michael Spak, Osiris' chief executive and a co-defendant in the case who previously pleaded guilty to one count of conspiracy to commit wire fraud.
Zuck also admitted he attempted to evade paying $273,417 in income taxes.
Zuck is scheduled to be sentenced on July 17, 2017. His attorney, Tim Anderson of Red Bank, did not immediately return a request for comment.
Alex Napoliello may be reached at anapoliello@njadvancemedia.com. Follow him on Twitter @alexnapoNJ. Find NJ.com on Facebook.
