Arrest in most lucrative insider trading scheme - FOX 10 News | myfoxphoenix.com

Feds: arrest in most lucrative insider trading scheme

Posted: Updated:

NEW YORK (AP) - A New York investment manager has been charged with defrauding investors out of more than $2.7 million.

Manhattan federal prosecutors say Stephen Colangelo Jr., misled investors by making false statements, including issuing fraudulent performance statements and other business documents.

Colangelo was arrested Monday at his home in Congers, N.Y.

Prosecutors say he was involved in two separate schemes between 2009 and 2011.

One allegedly involved a hedge fund Colangelo controlled called the Brickell Fund, LLC. The second allegedly involved three companies he created and controlled. They were Hedge Community, Start A Hedge Fund and Under the Radar SEO.

Colangelo was charged with two counts of securities fraud and two counts of wire fraud. Each carries a maximum term of 20 years in prison.

Information about his lawyer wasn't immediately available.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Getting married? You may want your prenup to protect your 'digital privacy'

    Getting married? You may want your prenup to protect your 'digital privacy'

    Friday, April 18 2014 10:11 PM EDT2014-04-19 02:11:48 GMT
    Realty TV star Kim Kardashian probably wished she did have one before she walked down the aisle with Kris Humphries. We might never have known about Tiger Woods' cheating ways if he had one. And figure skater Johnny Weir is insisting on one as part of his post-nuptial agreement. What is it? A digital privacy clause. New York City divorce lawyer Bettina Hindin says once you push "send" someone can find it.
    Realty TV star Kim Kardashian probably wished she did have one before she walked down the aisle with Kris Humphries. We might never have known about Tiger Woods' cheating ways if he had one. And figure skater Johnny Weir is insisting on one as part of his post-nuptial agreement. What is it? A digital privacy clause. New York City divorce lawyer Bettina Hindin says once you push "send" someone can find it.
  • Grocery-store etiquette

    Grocery-store etiquette

    Friday, April 18 2014 7:24 PM EDT2014-04-18 23:24:07 GMT
    Whether barricading shopping aisles with abandoned carts, massaging every piece of fruit in the building, or blankly staring at a shelf of items so no one else can pick one, grocery store pests can turn a quick trip to restock your fridge into a nightmare.
    Whether barricading shopping aisles with abandoned carts, massaging every piece of fruit in the building, or blankly staring at a shelf of items so no one else can pick one, grocery store pests can turn a quick trip to restock your fridge into a nightmare. In the hope of gently educating those unclear on grocery-shopping etiquette, we asked you to help us put together a list of what not to do.
  • Expert: credit cards are not fully secure

    Expert: credit cards are not fully secure

    Friday, April 18 2014 6:49 PM EDT2014-04-18 22:49:51 GMT
    Another week and another credit card hacking at a major retailer. This time it was Michael's craft store. Consumers are uneasy because current credit card technology is antiquated. "The fact is you cannot protect your credit cards, you can't every time you give it out it is vulnerable to fraud," says Robert Siciliano, McAfee identity theft expert.
    Another week and another credit card hacking at a major retailer. This time it was Michael's craft store. Consumers are uneasy because current credit card technology is antiquated. "The fact is you cannot protect your credit cards, you can't every time you give it out it is vulnerable to fraud," says Robert Siciliano, McAfee identity theft expert.
  • Manhattan NewsManhattan NewsMore>>

  • Woman wanted for baby snatch attempt in custody

    Woman wanted for baby snatch attempt in custody

    Friday, April 18 2014 9:57 PM EDT2014-04-19 01:57:17 GMT
    Police have taken into custody the woman believed to have tried to push a stroller with a baby inside away from a nanny in Chelsea. Tara Anne McDonald, 46, was being evaluated at a hospital Friday night. The attempted kidnapping occurred on 8th Ave. and 17th St. at about 3:45 p.m. on Thursday, police said.
    Police have taken into custody the woman believed to have tried to push a stroller with a baby inside away from a nanny in Chelsea. Tara Anne McDonald, 46, was being evaluated at a hospital Friday night. The attempted kidnapping occurred on 8th Ave. and 17th St. at about 3:45 p.m. on Thursday, police said.
  • Driver-less cars highlights at NY Auto Show

    Driver-less cars highlights at NY Auto Show

    Friday, April 18 2014 1:46 PM EDT2014-04-18 17:46:00 GMT
    The future is here when it comes to vehicles. The auto industry has packed nearly 1,000 automobiles into the Jacob Javits Center on Manhattan's West Side for the 2014 NY Auto Show.   Among the 'must-sees' is a hydrogen-powered vehicle and a prototype with cameras that allow you to see the ground underneath as you drive over it.
    The future is here when it comes to vehicles. The auto industry has packed nearly 1,000 automobiles into the Jacob Javits Center on Manhattan's West Side for the 2014 NY Auto Show.   Among the 'must-sees' is a hydrogen-powered vehicle and a prototype with cameras that allow you to see the ground underneath as you drive over it.
  • Christians around world mark Good Friday

    Christians around world mark Good Friday

    Friday, April 18 2014 1:34 PM EDT2014-04-18 17:34:50 GMT
    From the Holy Land to the streets of New York City, Christians have commemorated the crucifixion of Jesus Christ in Good Friday prayers and processions. Thousands of Christian pilgrims filled the cobblestone alleyways of the Old City on Friday along the Via Dolorosa, Latin for the "Way of Suffering." In NYC, Timothy Cardinal Dolan and Bishop Nicholas DiMarzio lead followers across the Brooklyn Bridge.
    From the Holy Land to the streets of New York City, Christians have commemorated the crucifixion of Jesus Christ in Good Friday prayers and processions. Thousands of Christian pilgrims filled the cobblestone alleyways of the Old City on Friday along the Via Dolorosa, Latin for the "Way of Suffering." In NYC, Timothy Cardinal Dolan and Bishop Nicholas DiMarzio lead followers across the Brooklyn Bridge.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices