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Friday, September 29, 2006

Shrewsbury man faces fraud charges

SHREWSBURY

A Shrewsbury man who was a Worcester investment adviser was charged with mail and wire fraud yesterday in a 20-count indictment that accused him of bilking $13 million from 15 investors, including relatives and a prominent Central Massachusetts business leader.

Amit U. Mathur, 35, of 3 Sunflower Circle, Shrewsbury, was charged in connection with a four-year scheme in which he held himself out as a savvy hedge fund manager who consistently outperformed the major stock market indices, according to an indictment returned in Boston yesterday.

His investment advisory company - Entrust Capital Management Inc. of Worcester - was shut down in April 2005 when the Securities and Exchange Commission charged him and a partner with misappropriating $3.6 million in clients' money, spending it on gambling activities, car payments, credit car bills, New England Patriots season tickets, jewelry and clothing.

-- Worcester Telegram & Gazette

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