Monday, 28 July 2014
Last updated 5 hours ago
Feb 15 2012 | 12:55pm ET
A Westchester County, N.Y., man accused of defrauding an oil heir of $20 million claims that the millionaire is seeking revenge for a hedge fund deal gone wrong.
According to Vickram Bedi and his lawyer, Roger Davidson, through a private investigator, began to threaten Bedi after Davidson lost $12.4 million on the hedge fund. What's more, Bedi's lawyers say, Davidson is bribing witnesses, including Bedi's ex-girlfriend, who has pleaded guilty in the case.
Prosecutors paint a somewhat different story, saying that Bedi and his ex, Helga Ingvarsdottir, spent six years convincing Davidson that his computer had been hacked from a remote village in Honduras, and that they could protect him. Davidson signed a security contract with the two worth $10.9 million—$160,000 per month.
But Bedi says that Davidson is mentally ill and paid him to participate in a role-playing game that Davidson used to deal with his anxiety. Bedi said he tried to stop, but was convinced by a lucrative offer to continue—although he made Davidson sign documents explaining that Bedi was authorized to lie to him.
"It was to protect Mr. Bedi from exactly what occurred in this case," Bedi's motion papers allege. "Roger Davidson knew that all discussions can be considered to be fictitious and understood this prior to signing the contract."
If convicted, Bedi faces up to 25 years in prison.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…