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Rating:In October, an Ex-Eaton Vance PM Will Go to Prison Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, August 23, 2017

In October, an Ex-Eaton Vance PM Will Go to Prison

News summary by MFWire's editors

An ex-Eaton Vance [profile] 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 Amell left 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 reports.

Amell pled 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 reports. 

Edited by: Neil Anderson, Managing Editor

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