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Matthias Knab, Opalesque: Jordan Chirico, 41, portfolio manager of Jefferies Financial Group's 352 Capital ABS Master Fund LP, was indicted on investment adviser and securities fraud charges for concealing personal financial ties to Water Station Management, a USD 275 million Ponzi scheme that defrauded over 250 investors including military veterans. Chirico held a joint venture partnership worth over USD 7 million in Water Station through his company C3 Capital, receiving USD 90,000 monthly payments and USD 1.6 million in referral fees, while directing his fund to invest nearly USD 100 million in Water Station bonds without disclosing these conflicts to Jefferies or investors.
Water Station founder charged separately as scheme collapses into bankruptcy Ryan Wear, 49, founder of Water Station Management LLC, was charged with securities and wire fraud for operating a seven-year Ponzi scheme promising investors USD 8,500 water vending machines would generate passive income, when in reality far fewer machines were built, some were sold to multiple investors, and many did not exist at all. Prosecutors allege Wear used new investor money to pay earlier investors and diverted millions to expand his traditional vending business and cover personal expenses, with the company forced into bankruptcy in August 2024 after defaulting on bond obligations.
Chirico continued investing despite learning of massive fraud in January 2024 |
Despite Wear ad...................... To view our full article Click here
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