May 6 2015 | 1:13pm ET The former New Stream Capital executive pled guilty to conspiracy charges in May 2014. David Bryson, the former managing partner of Connecticut-based New Stream, was sentenced yesterday to two years and nine months in prison. Federal prosecutors had accused him and two co-defendants of changing the capital structure of one of New Stream's feeder funds in order to avoid redemptions from the firm's largest investor, and then concealing those changes from subsequent investors. At one point, New Stream reportedly had $750 million in assets invested in such things as loans backed by real estate and life insurance contracts. However, by March 2008, its largest investor, Gottex Fund Management decided to redeem $300 million from the fund and the fund began to unravel. It received a total of $545 million in redemption requests by September 2008, according to SEC and court documents. The fund filed for bankruptcy protection in March 2011, according to Reuters. Bryson, a former naval officer and graduate of the U.S. Naval Academy, was sentenced by Chief Judge Janet Hall in New Haven, Connecticut. Bryson took "full responsibility" for his actions and expressed remorse for the suffering he caused in a letter written to the judge. Bryson’s co-defendants, former managing partner Bart Gutekunst and former Chief Financial Officer Richard Pereira, also pled guilty and face sentencing this week.