Thursday, 26 November 2015
Last updated 18 hours ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…