Saturday, March 9, 2013

Fugitive Hedge Fund Manager Arrested

Florian Wilhelm Jurgen Homm, the German hedge-fund manager who has been a fugitive for more than five years, was arrested at the Uffizi Gallery in Florence on U.S. fraud charges. Bloomberg reports.
Homm, 53, allegedly caused at least $200 million in losses to investors in hedge funds operated by Absolute Capital Management Holdings Ltd., according to a statement by the U.S. attorney’s office in Los Angeles. Homm was arrested yesterday by Italian authorities following a U.S. request, according to the statement.

Federal prosecutors in Los Angeles filed a criminal complaint March 6, charging Homm with conspiracy and fraud. The founder and former chief investment officer of Absolute Capital is accused of “cross trading” hundreds of millions of shares of penny stocks between the company’s funds to boost the value of the otherwise illiquid stocks....

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