Hedge Fund Fraudster Pleads Guilty

Jan 25 2011 | 11:02am ET

A former New Jersey hedge fund manager has pleaded guilty to defrauding investors of $1.6 million.

Robert Sucarato pleaded guilty to one count of wire fraud in Camden, N.J., federal court Monday. He faces up to 20 years in prison when he is sentenced in May.

Sucarato was arrested in April, accused of lying to investors about, well, just about everything. He allegedly told investors his New York Financial Co. managed $7.2 billion when, in fact, its accounts had just $110,000. He allegedly claimed to have a degree from New York University, when he didn't, and, for good measure, allegedly "embellished biographies" of the firm's other executives. He also allegedly boasted of offices in New York and Chicago which did not exist.

Prosecutors said of the $1.7 million NYFC raised, Sucarato stole almost $500,000, lost another $850,000 and used the rest to prop up his Ponzi scheme.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

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

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note