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]