Suspect in hedge fund fraud investigation kills himself

Dieter Frerichs, director of K1 Invest and K1 Global, two hedge funds the FBI and several international law enforcement agencies are investigating, was sunbathing on the rocks near his house when German police arrived to serve a search warrant, according to the New York Times. Frerichs pulled a gun from his bag and jumped into the water. He fired one shot into the air then shot himself in the head. The funds are under the control of Helmut Kiener, who’s been in custody in Germany for months, in connection with a suspected pyramid scheme that cost private investors and banks more than $350 million.

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