Wednesday, 28 January 2015
Last updated 10 hours ago
Dec 28 2010 | 2:51am ET
A pair of hedge fund managers have been accused of ripping off investors of more than $30 million.
Thomas Repke was charged yesterday in Atlanta federal court with defrauding more than 100 investors in his Coadum Capital, which he ran with James Jeffery. The two men allegedly promised 5% monthly returns, but actually stole more than $20 million of the money raised, transferring it to accounts in Switzerland and Malta, rather than investing it in hedge funds allegedly run by a Malta-based trader.
Repke pleaded not guilty to mail and wire fraud and conspiracy and was released on $250,000 bond. Jeffery, who lives in Ontario, has not yet appeared on the same charges.
Both men face up to 20 years in prison if convicted.
Prosecutors say that only a fraction of the money raised by Utah-based Coadumin 2006 and 2007 was left by the end of 2007.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…