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The managing director of a hedge fund group accused of being a $378 million Ponzi scheme, ran into the ocean Saturday morning and shot himself as Spanish authorities tried to take him into custody.

According to the Telegraph, Dieter Frerichs was sunbathing at his home in Palma, Spain, when authorities arrived to serve an arrest warrant and ultimately extradite him to Germany. Frerichs reportedly picked up a gun and ran into the ocean where he shot and killed himself.

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