Contractor Charged With Stealing From Citadel

May 16 2012 | 12:21pm ET

A New York City contractor has been charged with ripping off Citadel Investment Group to the tune of $1.2 million.

Alex Getelman pleaded not guilty to grand larceny and filing a false tax return yesterday. Manhattan prosecutors said that Getelman's company, Aragon, systematically overcharged the hedge fund between 2008 and last year. Aragon built Citadel's offices at the Citicorp Center in New York.

Getelman allegedly used the undue proceeds to build his house on Long Island. Prosecutors added that he did not declare the allegedly unearned income—saving himself $286,000 in taxes.

Last year, Getelman told the New York Observer that Aragon had a "very nice niche" catering to hedge funds and other investment firms. And he compared his company to Lehr Construction Corp., which last May was indicted for the same bill-padding of which Getelman now stands accused.

"I know that we don't run our operation that way—nor have we ever," he said.


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.