Hedge Fund Manager Spent Legitimate Earnings On Race Cars, Allegedly Needed To Commit Fraud To Buy A Place To Keep Them
And that place was an airplane hangar, of course.
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And that place was an airplane hangar, of course.
Of course, most fraudsters are much more prosaic than that, spending their ill-gotten gains on mortgage payments or credit-card bills or the kind of things that generally get written off as “lavish lifestyles” in Justice Department press releases: private jets, opulent vacations, over-the-top parties, shopping sprees, one’s weight in caviar and, of course, luxurious and very fast cars.
And, at first glance, that’s what it looks like Andrew Franzone spent the $40 million he allegedly stole from investors on. After all, before his indictment for allegedly lying to investors about how he was investing their money and how those investments were doing, among other things, Franzone told