From Precy Dumlao, Opalesque Asia – A Glen Rock, New Jersey hedge fund manager pleaded guilty to two separate counts of frauds, including defrauding a disabled widow of her life savings by claiming to run several hedge funds that generate huge profits investing in foreign currency trading.
In a press statement, prosecutors said self-styled hedge fund manager George Sepero, 40, pleaded guilty to a superseding information charging him with wire fraud conspiracy, wire fraud, and tax evasion before United States District Judge Jerome B Simandle in Camden federal court appearance.
Two of his conspirators, Carmelo Provenzano and Daniel Dragan, earlier pleaded guilty. According to documents filed in this case and statements made in court: Beginning in 2009, Sepero, Dragan, and Provenzano claimed to run a series of hedge funds in New Jersey, luring investors with the prospect of extraordinary profits in foreign currency trading.
"The defendants made numerous misrepresentations and omissions to induce their victims to invest in Caxton Capital Management and CCP Pro Consulting Inc. Sepero claimed that he and his conspirators owned and controlled a proprietary computer algorithm for trading foreign currencies; that they had used the algorithm to achieve returns of more than 170% in the prior two years; and that any investment funds would be highly......................
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