Former WashU Investment Manager Charged with Fraud

Associated Press

ST. LOUIS (AP) – A former investment manager at Washington University has been indicted on federal fraud charges.

Forty-three-year-old David Shen of St. Louis faces two felony counts of computer fraud and one felony count of wire fraud. The April 23 grand jury indictment was unsealed on Friday after Shen turned himself in.

Federal prosecutors say Shen downloaded protected and sensitive financial information after resigning his job with the university’s Investment Management Company in October 2011. The company manages the university’s sizable endowment.

Each count of computer fraud carries a maximum penalty of five years in prison and $250,000 in fines. A conviction on the wire fraud charge could mean up to 20 years in prison and a similar fine.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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