Tuesday, 31 March 2015
Last updated 2 min ago
Apr 3 2009 | 1:02am ET
The California hedge fund manager at the center of a bizarre alleged Ponzi scheme has been released on bail, thanks in part to some of his apparent victims.
Three of the 150 people that authorities say invested in Anthony Vassallo’s hedge fund have put up their homes to secure his release from jail, according to KCRA-3 television in Folsom, Calif. Last month, Vassallo was charged with fraud, money laundering and securities law violations. His former bodyguard was also arrested, accused of trying to shake down a pair of Vassallo’s investors.
Despite the fact that he’s accused of swindling them and their fellow investors, many of whom Vassallo met through his Mormon church, his sister’s mother-in-law and two of her friends, all investors in Vassallo’s Equity Investment Management and Trading, have put up the equity of their homes to secure Vassallo’s release.
According to prosecutors, Vassallo promised investors 36% returns with no risk. After his early investments produced huge lawsuits, the complaint alleges he turned Equity Investment into a Ponzi scheme in September 2007. The Securities and Exchange Commission shut the firm down last month, and froze $1.2 million of his assets.
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…