And you thought he had only stolen about $100 million. Bollocks! The “Houdini of impersonation” (U.S. Attorneys have the most colorful nicknaming skills) has bilked unnamed funds out of $380 million. U.S. Attorneys also have great powers of suggestion. Tell us, what’s the first thing you think when we tell you he has $40 million in art hanging on his office walls? Exactly.
Of course, no one wants to admit to being duped by the guy, so we are relying on you to give us the dirt. Who was it? You guys are the best informed readers in the financial tabloid world. We know you know. Let’s start naming some names. Fortress was only named because they were smart enough (or simply not quite dumb enough) to fall for Houdini. That’s no fun, at all.
Lawyer Dreier, ‘Houdini of Impersonation,’ U.S. Says [Bloomberg]
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balls
First.
no you’re not
no you’re not
DB should start deleting these “first” comments.
I love the irony that is seeing GM ads running on Dealbreaker while we make fun of them.
All it proves is that 66% of the sample set of hedge funds are tools with nice suits but not a lot of brains.
Why pay someone 2% and 20% that does such shoddy diligence?
Due diligence only goes so far in the face of outright fraud.
@6
..but somehow they personally make multiple times more money a year than you’ll ever make in your sad life.. how is that possible?
8-they are all lucky, duh!
#5 is new and is a douche.
Assnesshole had to have given some $$$…so AQR
I think this is a great scam… basically you bilk some HF idiot and walk off with the money… that F****er is so embarrassed to admit that he has fallen for the oldest trick in the book that he probably hides the loss somewhere fearful that if investors found out that he was that much of a smuck, that there would be mass redemption….
Great scam…. really great scam.
Most times lawyers do diligence reviews they only look at the documentation. You have to pull the actual security filings, look at the actual buildings. You can’t just rely on the sellers documentation. This is what happens to those that get lazy. What’s the saying? Hogs get slaughtered?
I’m getting a satieless food cart and working outside the lawyer’s oofices selling pop and dirty water dogs and not paying a dime to Uncle Sam.
I think this is a great scam… basically you bilk some HF idiot and walk off with the money… that F****er is so embarrassed to admit that he has fallen for the oldest trick in the book that he probably hides the loss somewhere fearful that if investors found out that he was that much of a smuck, that there would be mass redemption….
Great scam…. really great scam.
Does anyone know which HFs were involved? I know Fortress’s name came up but I thought they denied that.
I’m with you @16…the real question is which funds!??!
These type of investments are part of Special Situations Fund. Didn’t two prominent special sits co-heads just depart yesterday??