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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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New Jersey Man Pleads Guilty to Ponzi Scheme

Mar 04, 2013
Jing Chen

A New Jersey man pleaded guilty Friday to two counts of fraud evasion for running a multi-million dollar Ponzi scheme.

 According to a statement released by the Federal Bureau of Investigation, George Sepero and his pair of conspirators claimed to run a series of hedge funds in New Jersey to lure investors that ultimately misappropriated $3.5 million for personal use.

Sepero’s conspirators, Carmelo Provenzano and Daniel Dragan, also pleaded guilty to charges in an earlier court date.

One of the trio’s victims includes an elderly, disabled widow who lost her life savings in the scheme.

Sepero faces a sentence of 20 years and a fine of $250,000 for the charges.

Source: 

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