Very interesting case...
Fund manager involved in mergers & acquisions was arrested a few months ago & now the story is getting media attention. Silicon Valley Bank loaned him $95M based on supposedly faked documents without verifying the information.
palmbeachpost.com/story/news/202…
Fund manager involved in mergers & acquisions was arrested a few months ago & now the story is getting media attention. Silicon Valley Bank loaned him $95M based on supposedly faked documents without verifying the information.
palmbeachpost.com/story/news/202…
He applied for the money in December, claimed he was managing the funds for Univ. of Miami & New York Univ. endowment funds & for the owner of the Mets!
Got the money 2/3/21 & was denied bail on a federal indictment on 3/4/21 because $80M was still missing.
That's fast...
Got the money 2/3/21 & was denied bail on a federal indictment on 3/4/21 because $80M was still missing.
That's fast...
Having a defendant indicted & in prison within a month after a financial crime is unheard of. Someone had to be under investigation before the deal was conducted.
govinfo.gov/content/pkg/US…
govinfo.gov/content/pkg/US…
He also allegedly forged docs from his fund's auditors.
Victim Bank is Silicon Valley Bank which has popped up in a few earlier threads. I haven't figured out which commercial bank he put the money into & where the $80M disappeared from.
Victim Bank is Silicon Valley Bank which has popped up in a few earlier threads. I haven't figured out which commercial bank he put the money into & where the $80M disappeared from.
Curious to see where this case goes, apparently this guy has been running his investment funds for his entire career with no other employment. Was it all a sham?
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