In addition to grand larceny and forgery, Nicholas Genovese now also stands convicted of securities fraud, having pleaded guilty to defrauding investors of $11 million in a fake hedge fund. Genovese, of course, recruited his victims by pretending to be the heir to a Long Island pharmacy chain, a tall tale that certainly included no mention of the aforementioned convictions and did include a fake resume full of fake degrees and fake jobs at Goldman Sachs, but also one that also meant a fairly limited number of potential marks: specifically those from the New York area who remembered a drug store that hasn’t existed in 17 years.
Well, the courts are gonna make sure he can’t play that trick again, sending Genovese up the river for long enough to ensure that by the time he gets out, absolutely no one will remember that there was a drug store called Genovese anymore.
Hedge fund manager Nicholas Genovese has been sentenced to nearly 12 years in federal prison after pleading guilty to committing securities fraud by convincing investors to entrust him with more than $11 million dollars based on false and misleading information, according to the US Justice Department…. In addition to the prison term, Genovese, 54, was sentenced to three years of supervised release and ordered to pay restitution to his victims in the amount of more than $11.2 million in addition to forfeiture of the proceeds of his crime.
Hedge Fund Manager Gets Nearly 12 Years in Prison for Fraud [Chief Investment Officer]