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Paul Berkman
Princeton/Newport Partners General Partner; Convicted on RICO Charges, All Overturned on Appeal
General Partner, Princeton/Newport Partners
Overview
Paul Berkman was a general partner at Princeton/Newport Partners, a quantitative hedge fund co-founded by mathematician Edward Thorp. In August 1989, Berkman and five other defendants were convicted on over 60 counts of racketeering, securities fraud, and tax fraud. He was sentenced to 3 months in federal prison. On June 29, 1991, all convictions were overturned on appeal. Princeton/Newport Partners had been forced to liquidate as a result of the RICO indictment, destroying the fund despite the eventual reversal of all convictions.
Key Affiliations
Controversies & Concerns
Convicted on RICO charges for illegal tax-motivated stock parking with Drexel Burnham Lambert
All convictions overturned on appeal June 29, 1991
Princeton/Newport Partners forced to liquidate due to RICO indictment
Related Investigations (1)
Criminal Charges & Violations
1 documented violations
18 U.S.C. 1962 (RICO)Racketeering: Illegal tax-motivated stock parking(Federal)
Known Associates & Connections
James Sutton Regan
Managing general partner at Princeton/Newport; co-defendant
Sources & Documentation
1 documented sources from official records, investigations, and reports
Personal Information
- Born
- c. 1946
- Birthplace
- United States
Education
Key Timeline
1988-08-04
Indicted alongside five other Princeton/Newport defendants on RICO charges
1989-08
Convicted on multiple counts of racketeering and tax fraud
1989-11-09
Sentenced to 3 months in federal prison
1991-06-29
ALL convictions overturned on appeal