Hedge Fund Faker Pleads Guilty

Mar 4 2013 | 12:41pm ET

A New Jersey man pleaded guilty Friday to pretending to be a hedge fund manager to steal $3.5 million from investors.

George Sepero became the third man in the scam to plead guilty in the case. He and his co-conspirators allegedly promised triple-digit returns using a proprietary algorithmic trading system that did not exist, sending clients phony account statements and e-mailing them screenshots of their much-ballyhooed computer trading program.

Among Sepero's victims were an ailing elderly paraplegic, who lost her life savings, prosecutors said. Sepero and his co-conspirators allegedly used the stolen money to fund an extravagant lifestyle and to prop up a Ponzi scheme.

Sepero faces up to 20 years in prison for fraud, conspiracy and tax evasion when he is sentenced in June.


In Depth

Q&A: Pantheon’s McCrary Says Private Equity Market ‘Robust’

Dec 17 2014 | 8:32am ET

Dennis McCrary is a partner at Pantheon, a private equity firm with $32.2 billion...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

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

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

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.