The Hedge Funds Weblog
FBI Reports Hedge Fund Fraud
HedgeCo.net; Christian Hedge Fund Founder Arrested For Fraud
Hedge fund founder, Steve K. Wilson, was arrested last week on charges related to fraudulent hedge funds operating under the names; Christians in Crisis Investment Fund, Shake the Nations and Opus Capital Holdings. He is being held without bail.
According to FBI allegations, Wilson solicited individuals to invest in what he described as a high risk hedge fund which, based on the investment agreement, promised investors a 2% monthly return (24% annual return) on their investment. The agreement also gave the investors the ability to withdraw earnings, or after one year, the investor could ask for the return of their principal.
Authorities say Wilson, a.k.a. Stefan Andre Wilson, changed his name to hide a fraud conviction and bankruptcy filing, and convinced some of his investors to refinance their homes in order to invest in his fund.
One Comment so far ...
Sad how far people can fall. I went on a mission trip with this group and I really think Steve Wilson was a good guy that started out with good intentions. Sad that he ended up ripping off so many good people.
Comment on December 10, 2010 07:11 pm