Wednesday, 20 August 2014
Last updated 1 hour ago
Nov 10 2010 | 4:06am ET
A Connecticut hedge fund fraudster faces up to 60 years in prison after pleading guilty to defrauding investors of $2 million.
Carlos Garcia lied about almost everything at his Paramount Equity Partners. He sent his 10 or more victims phony account statements and other documents and made Ponzi scheme-payments to some investors. He spent much of the rest of the money he raised to pay personal expenses.
Among the false documents he sent to investors between 2002 and 2009 were dummied Internal Revenue Service forms, leading victims to pay taxes on returns that never existed, prosecutors say. The move was especially ironic, because prosecutors say Garcia himself didn't both to pay taxes from 2005 through 2008.
Garcia pleaded guilty to mail fraud, wire fraud and tax evasion. He is set to be sentenced on Jan. 25, and will be liable for up to $4 million in fines as well as restitution and tax resolution orders.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note