Investment Advisor Admits Role In Mitsakos Hedge Fund Scam
Earlier in October, an investment adviser from Florida admitted to a Manhattan federal judge that he participated in defrauding two clients with hedge fund scammer Nicholas Mitsakos.
Meridian Capital Asset Manager Involved in Hedge Fund Scam
According to recent reports, Meridian Capital Asset Management founder John Geraci pled guilty after poaching nearly $1M. He then told the presiding judge, Alison J. Nathan, he was profoundly sorry and ashamed.
Greci explained that in 2015, he deceived two Alabama clients by making them think that the two million dollars they entrusted to him were safe. In reality, Mitsakos, who served 30 months in prison, had skimmed off some $800,000.
Asset Manager Charged with Three Fraud Counts
Geraci was arrested in August of last year. He is charged with three fraud counts and one conspiracy count to which he pled guilty. Additionally, he will face a separate case in Alabama. As a result, he could be sentenced to another five years in prison (although his plea agreement contemplates two years.)
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