‘Christians In Crisis’ Hedge Fund Manager Arrested For Fraud

Mar 3 2008 | 11:41am 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

Steinbrugge: Will Hedge Funds Help or Hurt During the Next Market Correction?

Sep 7 2016 | 11:55pm ET

Most investors have become accustomed to quick rebounds when markets correct, but...

Lifestyle

Quattrex Sports AG Debuts Soccer-Focused UCITS Fund

Sep 9 2016 | 9:54pm ET

Innovative alternative investment company Quattrex Sports has unveiled a new UCITS...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...