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Alternative Market Briefing

New Jersey hedge fund manager charged for swindling investors out of $5m
Thursday, June 11, 2015

Komfie Manalo, Opalesque Asia:

The US Securities and Exchange Commission (SEC) has filed charges against 58-year-old hedge fund manager Nicholas Lattanzio of Montclair, New Jersey, for allegedly misappropriating approximately $5m from private investors, taking the money from the now defunct hedge fund firm, Black Diamond Investments, LP (not to be confused with private equity firm Black Diamond Capital Partners, or alternative asset manager Black Diamond Capital Management, LLC) .

This comes on the heels of a claim made by hotel developer HEI Investments LLC. In February, the developer asserted in a federal suit that it had been bilked into investing $2m with Black Diamond Capital Appreciation Fund LP, in exchange for $9m in financing for a Georgia hotel project that never came through, reported Law360.com.

Lattanzio was arrested Wednesday at a West Orange residence and was formally charged with wire fraud and securities fraud.

According to his LinkedIn profile, Lattanzio had been running Black Diamond Investment LP since September 2009. Before that, he was managing partner at Iron Mountain Capital Management.

Lattanzio is accu......................

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