Oracle Hedge Fund Fraudster Flees

Oct 23 2008 | 1:42am ET

A phony hedge fund manager has been ordered by a federal judge to repay more than $8.4 million in ill-gotten gains. The only problem is nobody can find him.

The United States District Court for the Eastern District of New York this month entered the final judgment against Spiro Germenis, based on a 2006 Securities and Exchange Commission complaint. The SEC says that Germenis and two hedge funds that he operated, Oracle Services and Oracle Evolution, diverted investors' money for his own use, and that Germenis then fled the jurisdiction.

The SEC also alleged that Germenis created phony or altered account statements that he provided investors to conceal his misuse of the money entrusted to him.

Geminis’ wife reported him missing on Oct.16, 2006 with local police. His car was found at JFK airport and he is believed to have fled to Greece.

The court has ordered Germenis to pay $7.7 million in undisgorged profits and interests and $720,000 in civil penalties.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR