Hedge Funds

Abramoff to do prison time for cheating Citadel


Former Washington lobbyist Jack Abramoff and his partner Adam Kidan were sentenced on March 29 to 70 months in prison and ordered to pay $21.7 million in restitution for their swindling of an affiliate of Citadel Investment Group and another lender, Foothill Capital Corporation.

Abramoff's sentencing by U.S. District Court Judge Jonathan I. Solomon was the lightest allowable under applicable federal guidelines. Abramoff had pled guilty to the charges in January and is cooperating with federal prosecutors in a sweeping investigation into influence peddling in Washington. To facilitate the investigation, he will not report to prison for six months.