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Va. hedge fund CEO convicted on US charges

NEWPORT NEWS, Va. (AP) -- A Norfolk man faces the prospect of a long prison term when he's sentenced in August on fraud convictions related to a Newport News hedge fund he ran.

The government says 46-year-old Jeffrey A. Martinovich was convicted Monday by a federal jury in Newport News on multiple counts of wire and mail fraud, conspiracy and unlawful monetary transactions. He could be sentenced to 20 years in prison for each conviction at his sentencing Aug. 7.

Martinovich was the CEO of MICG Investment. The conviction stems from fraudulently inflating the value of a solar company that eventually went bankrupt. Investors had sunk more than $1.5 million in the company.

U.S. Attorney Neil H. MacBride said Martinovich betrayed investors when he said he would act in their best interests.