Panel confirms hedge fund scheme conviction and seven-year sentence. Appellant investment adviser was convicted after a jury trial of conspiracy, willful violation of the Investment Advisers Act, wire fraud, and corruptly impeding the administration of internal revenue laws arising from a fake hedge fund scheme. Appellant contended that the court’s “reasonable doubt” instructions misled the jury into applying a lesser standard of proof, and that her sentence was too severe. The First Circuit affirmed the conviction and seven-year prison sentence. The panel determined that the jury instructions were not erroneous and that the sentence was within the court’s discretion. (2/6/2017) United States v. Rosalind Herman.