A self-proclaimed prophet and "legitimate hedge fund" manager
has been charged with being anything but. A federal grand jury in Chicago last week indicted Dimitry
Vishnevetsky on mail, wire and bank fraud charges. Prosecutors said that
Vishnevetsky sold a variety of investments through his Hodges Trading and
Oxford Capital, including funds "which existed in name only." The
scam ran for almost six years as Vishnevetsky collected about $1.7 million from
investors, some of whom received Ponzi scheme-payments as Vishnevetsky sought
to cover his fraud, prosecutors said.
In addition to the Ponzi payments, Vishnevetsky used the
money on himself. The money he actually traded "consistently resulted in
net losses, not profits," according to the indictment. The Commodity Futures Trading Commission filed a parallel
lawsuit against Vishnevetsky, Hodges and Oxford….
Find out more at http://www.finalternatives.com/node/20376
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