Three executives of a hedge fund in Colorado have settled a civil suit for $30.6 million, the Colorado Springs Gazette reports.
The three are Hamilton Alan Bird, David Edward Newton and Douglas Alan Scott, formerly of XL Capital Partners and the Vision Fund, who are paying $21.6 million, $8.2 million and $851,000, respectively.
Bird and Scott still face criminal charges on state securities fraud and theft charges, with Bird’s court date on Aug. 13 and Scott’s on Sept. 4. In exchange for testifying against his former partners, Newton reached a plea bargain in January on a securities fraud charge, for which he will be on probation for 15 years and must conduct 200 hours of community service.
All three have been banned from the securities industry for life.