27 Year-Old "Death Spiral" Financier Doesn't Feel The Need To Explain Himself To You

Josh Sason, he of the Long Island Sasons, will not be opening up about his process.
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After the December shoot, Sason took a Christmas vacation in Malaysia with his lingerie-model girlfriend, Rachel Marie Thomas. He checked on the renovation of his Tribeca penthouse. And he hit a recording studio in London to help mix an album by an Israeli actress and singer he’s signed for his company, Magna, which he describes as a global investment firm. Six years ago, Sason was living in his parents’ house on Long Island, doing clerical work for a debt-collection law firm and dreaming of becoming a pop star. Then a family friend showed him a trick that seems to have earned him millions in the stock market. He won’t say exactly what he does or how much he’s made, but regulatory filings by dozens of companies show that Magna has invested more than $200 million since 2012. Sason, who has full sleeves of tattoos he covers with tailored three-piece suits, calls himself a self-taught value investor. He has about 30 employees in trading, venture capital, music, and film. “I’m not going to give away the details of how we do what we do,” he says in a January interview at his 16th-floor office in Manhattan’s financial district. “We create businesses, and we invest.” [Bloomberg]

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Four Years After Shuttering Fund, Long Island Asset Manager/Hooters Franchise Owner/Frederick's Of Hollywood Devotee Not Ready To Part With Investor Money Just Yet

In 2008, Fursa Strategic Alternatives, an asset management firm run by Massapequa resident William F. Harley III, informed investors that it would be closing its doors and returning everyone's money. As some money managers can likely attest though, making the decision to close up shop (and writing people to say as much), doesn't mean you're emotionally ready to do so. Harley, for example, couldn't shake the feeling that he was put on this earth to be an investor and, god damn it, he was going to invest until the day he died. So he did what any rational human being in his position would, and decided to just, you know, hang on to his clients' money for a while. Of course, the pesky little varmints kept calling, so he had to disconnect the phones and to avoid an awkward confrontation wherein they appeared at the firm's building demanding their cash in person, he moved HQ into the basement of one of his other businesses, a Hooters restaurant. That got people off his tail for a while but, unfortunately, they popped up again and this time are taking legal action. The Claude Worthington Benedum Foundation filed the lawsuit last month in the Court of Common Pleas in Allegheny County, Pa. It has since been moved to federal court in the western district of Pennsylvania. The charity said in its lawsuit that William F. Harley III continued operating Fursa Strategic Alternatives from the basement of a Hooters restaurant on Long Island after saying in 2008 the fund would close and the charity's money would be returned. Federal filings show Fursa in January was the largest investor in lingerie company Frederick's of Hollywood Group. A spokesman for Harley said lawyers for the fund sought unsuccessfully to contact the charity last year. Harley could not be reached for comment at his home Wednesday...The lawsuit points to Fursa's investment in Frederick's of Hollywood as evidence the company continued operating instead of returning its money. Fursa Alternative Strategies owns 46 percent of Frederick's, according to the company's proxy statement. While a spokesman for Harley has not denied most of the allegations, he does take issue with claim that Fursa has any sort of legitimate set-up at any of his four Hooters, telling Newsday that he "occasionally has business meetings at them, but doesn't run an office there." Charity lawsuit accuses Massapequa man of mishandling $2M investment [Newsday]

Exotic Dancer Turned Financial Services VP Wants Long Island To Pay $10 Million For Forcing Her To Have An Affair With Responsibility-Shirking Cop

Remember Tara Obernauer? For a quick refresher, Obernauer is vice-president at Forbes Private Capital Group, whose resume also includes an MBA from Hofstra, five years as a compliance officer at Guggenheim Capital Markets, and dancing gig at a now-defunct gentlemen's club called Stringfellows, where she earned "$1,000 a night or more." Last July she started having an affair with Nassau County police officer Mike Tedesco,* which involved Tedesco literally and figuratively "parking his cruiser in Obernauer's driveway" during his shift and "hanging out on the couch, watching TV, and taking naps" while letting younger cops, who Tedesco referred to "assist bitches," respond to calls. The reason we know all this is that Mike's bosses "compared reports by Obernauer's neighbors with GPS records from his squad car, [which] showed at least 57 visits" at times he was supposed to be working, and then cross-referenced them with Obernauer, who had no intention of covering for Tedesco after she learned he was married with kids.** Anyway, in April Obernauer got an order of protection against the guy, fearing retaliation for not telling Internal Affairs that he was "just a friend who stops by once in a while," as per his request,** and now she wants Nassau County to cough up a few million for unleashing this animal on her. The mistress of a married Nassau County cop — who enjoyed more than 100 nights with him while he was on duty — is threatening to sue the county for $10 million because it didn’t prevent the couple’s steamy romance. Sexy Wall Street exec Tara Obenauer, 42, has filed a notice of claim saying that she intends to sue Nassau County and the Police Department because officials were “negligent” for not keeping Officer Mike Tedesco from visiting her house while he was on duty. “As a result of the County and Tedesco’s negligent and intentional acts, Claimant has suffered and sustained severe and substantial emotional damages,” the notice of claim said. Here's what Nassau County Attorney John Ciampoli had to say about that: “I just think it’s rather ironic that she’s filing a notice of claim against the county. Because, based on what has been reported in the press, she was receiving from the county Police Department a lot more than others were receiving.” *Who showed up to her house claiming he'd received a report of loud music, after a colleague who knew Obernauer piqued Tedesco's interest by telling him "she was good-looking." **To which she responded "They have your GPS records, you moron. I'm not perjuring myself for you. We're over and I want my key back."

Carl Icahn Gives Son Four Years To Prove Himself

Ten years ago, Carl Icahn hired his son Brett to be an analyst at Icahn Enterprises and the kid didn't fuck anything up so he got to keep his job. Two year ago, Carl gave Brett and another employee, David Schechter, $300 million to invest under the "Sargon portfolio," and the guys returned 96 percent (before fees) through June. Last month, Carl tossed the duo an additional $3 billion and a contract that expires in 2016, at which time Papa Icahn will either officially Brett a worthy successor or offer to serve as a reference for his next gig. Under a 46-page legal agreement filed with federal regulators last month, Brett Icahn and Schechter will get to invest their boss’s capital in companies with stock market values between $750 million and $10 billion. The deal may free the elder Icahn, who still has final say over many aspects of the portfolio, to focus on larger targets for shareholder activism. Brett, who turns 33 this month, along with Schechter has been running $300 million for his father, who owns more than 90 percent of Icahn Enterprises LP, a holding company with $24 billion in assets including activist investing partnerships as well as the Tropicana casinos, an oil refiner and an auto-parts maker. The arrangement expires after Carl turns 80 in 2016, giving Brett the chance to both prove his mettle as a successor and develop a track record to start his own hedge fund. After hiring Brett as an investment analyst a decade ago, Icahn allocated the $300 million to his son and Schechter in April 2010 to invest in loans and securities of companies with less than $2 billion in equity value. Their investments, internally dubbed the Sargon portfolio, generated a gross cumulative gain of 96 percent by the end of June, according to a July 27 filing with the U.S. Securities and Exchange Commission...“These two guys doubled our money over the last two years,” the elder Icahn said in an interview. “You can’t complain about that.” Carl Icahn Hands Son Brett $3 Billion To Prove His Mettle [Bloomberg]