From Precy Dumlao, Opalesque Asia – The long arm of the law finally caught up with Florian Homm, the fugitive hedge fund manager who had eluded arrest for nearly five years. Homm was arrested in Italy and is expected to be extradited to the U.S. to face a slew of securities fraud charges, various media reported.
The 53-year-old German, was arrested by the Italian police on Friday at the Uffizi Gallery in Florence after Federal prosecutors in Los Angeles filed a criminal complaint on 6 March, charging Mr. Homm with conspiracy and fraud. If convicted, Homm is facing up to 25 years in prison, said The NYT.
Records from the U.S. Federal Bureau of Investigation (FBI) reiterate that Homm was the founder and CIO of Absolute Capital Management Holdings Ltd, a London and Cayman Islands-based investment advisor that managed nine hedge funds from 2004 to September 2007. The criminal complaint filed against him alleges that he had directed the hedge funds to buy billions of shares of thinly traded, U.S.-based "penny stocks" (st......................
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