During his eight years as a hedge fund manager, Raymond Montoya raised a good $100 million. He even invested some it. The rest went to the usual: Ponzi scheme payments, lavish vacations, Ferraris, Porsches, college tuition and his son’s mortgage. This “egregious fraud” eventually came to the attention of Massachusetts Secretary of the Commonwealth William Galvin, who brought it to the attention of the federal authorities, who sat down with Montoya and explained that what he had done was wrong. They (and their handcuffs) must have been pretty persuasive, because the 69-year-old Bostonian has completely turned his life around, according to his lawyer.
"His efforts are focused on preserving assets for ultimate return to investors," Bruno said in a statement.
During a court hearing, Assistant U.S. Attorney Neil Gallagher said Montoya had already agreed to freeze accounts he controlled holding $6 million to $8 million in assets and forfeit 10 vehicles including three Ferraris and two Porsches.
How responsible of him.