• 22 Aug 2007 at 10:38 AM
  • fugitives

It’s Not A Vacation When You’re Running From The Law

minotaur-theseus-2.jpg Or the Minotaur, as fugitive U.S. hedge fund manager Angelo Haligiannis was captured Monday on the southern island of Crete.
Angelo was the former president of Sterling Watters Capital and pled guilty to swindling investors out of $27 million in September 2005. His crime – lying about the performance of his fund… which didn’t really exist after a certain point. More from Reuters:

Haligiannis told investors his funds managed $180 million in 2003 and that the fund had achieved returns of 1,565 percent between 1996 and 2003, according to the indictment. Based on those claims, Haligiannis raised a total of $26 million from some 80 investors. But the fund suffered losses of more than $17 million in 2000 alone. By January 2003, the firm had assets of less than $170,000 and “did virtually no trading whatsoever,” the SEC said.

Haligiannis took off shortly before his sentencing in January 2006. A judge in January 2007 went ahead and ordered Haligiannis to pay penalties of over $30 million, figuring he’d be captured and all. Authorities eventually nabbed him in Crete because Angelo made the mistake of leaving a trail of string wherever he traveled on the isle.
Fugitive Fund Manager Arrested in Greece [DealBook]
Fugitive fund manager found in Greece [Reuters via CNN Money]

Namibia Fugitive Arrested

kobialexander1.jpgNope. Not that one. The other guy wanted by the Feds who was found in Namibia.

Wesley Snipes, the Hollywood action star, was taken into custody this morning and will appear before a federal judge to answer charges of tax fraud and conspiracy later today.
Wearing his signature black sunglasses, a black 2-piece suit and a blue shirt, Snipes walked through the back entrance of the courthouse at 9:30 a.m., escorted by federal agents and a prosecutor.
Snipes had an initial appearance and arraignment in front of Magistrate Gary Jones at 10:30 a.m. today. Jones released Snipes on $1 million bond and allowed him to go back to Namibia to complete filming of Gallow Walker, a motion picture Snipes is starring in. The judge orderd that Snipes come back to the states for another appearance on Jan. 10.
During the court appearance, Snipes pleaded not guilty to all the charges against him.

Wesley Snipes arrested, released on bond [Orlando Sentinel]

  • 07 Nov 2006 at 1:35 PM
  • Companies

With Friends Like This, Who Needs Enemies?

In an article generally praising Checkpoint Technologies CEO Gil Shwed, Shlom Greenberg writes:

Shwed is unquestionably one of Israel’s best entrepreneurs and managers. He took a technology idea, applied it, and then became the leader in the emerging sector on Main Street. Few people can do this, and he did it in a way that can hardly be compared. He is definitely a member of the same cadre as Comverse Technology Inc. (Nasdaq: CMVT) founder Kobi Alexander, the Zisapel brothers, and Retalix Ltd. (Nasdaq: RTLX; TASE: RTLX) president and CEO Barry Shaked, men who turned ideas into successful products on Main Street.

Uhm, Shlo, you mean this Kobi Alexander? One of the most famous financial fugitives in the world? That’s probably a comparison Israeli tech-chief executives can do without.
And, in related news, our little brother AboveTheLaw tells us that Wesley Snipes is apparently still a fugitive in Namibia.

Wake up call for Check Point
[Globes Online]

  • 23 Oct 2006 at 10:54 AM
  • fugitives

The Hedge Fund Fugitive

New York magazine this week carries the story of Angelo Haligiannis, the college drop-out turned high-flying hedge fund manager turned fugitive. For a couple of years he brought in some wild returns by trading tech bonds and then, well, you know what happened. Only instead of letting investors know he had lost $17 million, he went for the cover-up. After that, the tale pretty much writes itself.
Take the Hedge-Fund Money and Run [New York Magazine]