‘Christians In Crisis’ Hedge Fund Manager Arrested For Fraud

Mar 3 2008 | 12:41pm ET

A California man has been arrested on charges that his hedge fund was actually a Ponzi scheme.

Steve Wilson—a.k.a. Stefan Andre Wilson—was arrested at his Folsom home yesterday, the Federal Bureau of Investigation and Internal Revenue Service said. According to an affidavit in support of the complaint, Wilson’s hedge fund, variously known as the Christians in Crisis Investment Fund, Shake the Nations and Opus Capital Holdings, collected some $9 million in investments, promising 24% annual returns in exchange for a one-year lockup period.

In fact, according to authorities, Wilson used about $2 million of the money raised between March 2006 and July 2007 to pay off investors. Of the remaining balance, he allegedly lost $5.1 million in trading on the fund’s Ameritrade brokerage account, and used $1.1 million for personal expenses.

Among the items seized from Wilson were a 2007 Porsche Cayman and a Sea Ray pleasure boat.

Wilson is set to appear in Sacramento federal court this afternoon.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of