Wood River Capital Management founder John Whittier is going to prison for defrauding $88 million in investor money.

Whittier, 41, will do a three-year stint and forfeit $5.5 million. He had pleaded guilty to fraud in May for misrepresenting his portfolio.

Whittier had promised Wood River clientele that it would not invest more than 10% of its capital in a single stock when in fact he had put 85% of investor money in Endwave Corp. His outsized stake in Endwave violated SEC policy.

When Endwave, a wireless service provider, tanked, Wood River was wiped out.

In May, Whittier admitted in court that he knew he acted wrongly as part of a plea bargain. He could have faced a 20-year prison term.

Whittier, a onetime Donaldson, Lufkin & Jenrette analyst, formed Ketchum, Idaho-based Wood River in 1997. Wood River touted itself as a technology specialist.

In 2004, Wood River collapsed and the case against Whittier began.