Stay updated with breaking news from Andrew franzone. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
ADVERTISEMENT Fla. Fraudster To Face Criminal Charges First, Judge Rules Law360 (June 15, 2021, 6:58 PM EDT) A New York federal judge on Tuesday granted the U.S. Department of Justice s request to pause a civil suit accusing a Florida man of lying to clients about his hedge fund to get them to pump $40 million into worthless investments until after the conclusion of a parallel criminal case. U.S. District Judge Colleen McMahon stayed the U.S. Securities and Exchange Commission s suit against Andrew Franzone, of Fort Lauderdale, until 10 days after the jury delivers its verdict or he enters a plea in the criminal case claiming he swindled more than 100 investors out of $40 million through his now-liquidated. ....
SEC Charges Hedge Fund Manager with $38 Million Fraud Andrew Franzone allegedly used misappropriated funds to buy an airplane hangar for his race car collection. The US Securities and Exchange Commission (SEC) has charged the owner of an investment adviser firm with fraudulently raising and misappropriating more than $38 million from approximately 90 investors from the sale of limited partnership interests in a private fund. According to the SEC’s complaint, Andrew Franzone defrauded investors by making misrepresentations regarding the strategy and investments of a private fund called FF Fund I LP. The regulator alleges Franzone misappropriated fund assets, failed to eliminate or disclose conflicts of interest, and falsely represented the fund would be audited annually. Franzone allegedly told potential and existing investors that his investment strategy for the fund was to maintain a highly liquid portfolio that was mainly focused on options and preferred stock trad ....
Hedge Fund and Insider Trading News: Anthony Scaramucci, Luminus Management LLC, Point72 Asset Management, Shanghai Minghong Investment Management Co., Latham Group Inc (SWIM), and More Luminus Management LLC, a hedge fund that invests in the energy and power sectors, has sold almost all the assets in its largest fund to return money to investors. New York-based Luminus began to unwind holdings in its Energy Partners fund about a year ago, when the Covid-19 pandemic triggered market turmoil and prompted investors to withdraw their money, according to people familiar with the matter. The total value that the firm manages has fallen to $1.15 billion, from about $2.1 billion in March 2020, one of the people said. ....
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. Author: 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 ....
Florida Man, Co-Founder Of Hedge Fund Charged With $40 Million Securities Fraud Scheme, DOJ Reports goldrushcam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from goldrushcam.com Daily Mail and Mail on Sunday newspapers.