Tuesday, 31 March 2015
Last updated 2 hours ago
Mar 4 2008 | 1:16am ET
Steve Wilson, the California man charged with defrauding investors of more than $5 million in a hedge fund Ponzi scheme, has been denied bail.
A federal magistrate denied Wilson’s application for bail following his arrest on Sunday, agreeing that he is a flight risk.
“Wilson is facing 20 years in prison,” Robert Lapham, U.S. Attorney for the Eastern District of California, said. “He’s also got the prospect of lawsuits from 70” of his alleged victims.
According to an affidavit in support of the federal 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, including a Porsche and pleasure boat.
Authorities say Wilson—a.k.a. Stefan Andre Wilson—changed his name to hide a fraud conviction and bankruptcy filing, and convinced some of his investors to refinance their homes in order to invest in his fund.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…