Newspaper article The Record (Bergen County, NJ)

Jury: Montclair Hedge Fund Owner Stole $4M

Newspaper article The Record (Bergen County, NJ)

Jury: Montclair Hedge Fund Owner Stole $4M

Article excerpt

A federal jury convicted a hedge fund owner and manager on Feb. 15 for defrauding two investors of $4 million, U.S. Attorney Craig Carpenito announced.

Nicholas Lattanzio, 61, of Montclair, was found guilty on two counts of wire fraud and two counts of securities fraud.

U.S. District Judge Kevin McNulty presided over the Newark trial for three weeks.

According to court documents, from June 2013 to November 2014, Lattanzio orchestrated a large-scale scheme, in which he, his Black Diamond Capital Appreciation Fund and several other related entities collected millions of dollars in upfront fees from two unsuspecting corporate investors.

In exchange, the victims were promised future loans or investment opportunities, neither of which materialized, according to the prosecutor.

Instead of investing the victims' money, Lattanzio stole most of it, paying himself more than $500,000 in salary, the court documents claim. …

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