• 11 Apr 2011 at 11:55 AM

Are You Not Supposed To Use Client Funds On Private Jets, Move Money Between Onshore And Offshore Accounts?

By Bess Levin

If so, no one ever told Perry Gruss.

US market regulators yesterday sued the former CFO of a multibillion-dollar hedge fund founded by Daniel Zwirn, accusing him of improperly transferring $870 million between the fund’s accounts. The lawsuit filed by the Securities and Exchange Commission accused Perry Gruss, of the now defunct hedge fund D.B. Zwirn & Co. of improperly transferring money between onshore and offshore accounts and for using client money to pay for a private plane.

[NYP]

Comments (8)

  1. 1
    Posted by Phil_Falcone | April 11, 2011 at 4:12 PM

    I think its only an issue if you don’t pay it back.

  2. 2
    Posted by Perry Archer | April 11, 2011 at 4:15 PM

    DBZ & Co isn’t your own personal travel agency. It doesn’t exist just so you can jet off to.. Whore Island.

  3. 3
    Posted by Texashedge | April 11, 2011 at 4:29 PM

    That’s what management fees are for

  4. 4
    Posted by Guest | April 11, 2011 at 4:30 PM

    Give the guy some credit for the planes he purchased legitimately.

  5. 5
    Posted by Anonymous | April 11, 2011 at 4:53 PM

    It’s funny until someone gets caught. And then it’s even funnier.

  6. 6
    Posted by Guest | April 11, 2011 at 5:12 PM

    I think it’s only an issue UBS sucks

  7. 7
    Posted by Chuddy | April 11, 2011 at 6:09 PM

    coincidence that the firm is named DB……(Zwirn)?

    I think not.

  8. 8
    Posted by Wall st insider | August 12, 2011 at 7:08 PM

    you will see that Gruss is innocent of all charges and will be announcing a massive counter suit against the SEC shortly to go along with his current suit against Zwirn.

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