The Securities and Exchange Commission on Wednesday announced fraud charges against a man accused of defrauding small companies out of more than $4 million. While posing as a hedge fund manager with more than $800 million under management, Nicholas Lattanzio promised capital hungry small businesses he would arrange project financing for them and provide substantial returns on money invested in his fund. Lattanzio spent more than $4 million instead, on items including a million-dollar home and Tiffany merchandise, the SEC said. The U.S. Attorney's Office for the District of New Jersey also announced criminal charges, and the New Jersey Bureau of Securities within the State Attorney General's Division of Consumer Affairs also announced sanctions against him.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below