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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