Infinity Q
Infinity Q Capital Management was a New York based firm that operated both a mutual fund and hedge fund and was accused of inflating assets by over $1 billion to collect excessive fees. Its founder, James Velissaris, 38, of Atlanta, pleaded guilty in November 2022 to securities fraud, though he later attempted to withdraw his guilty plea.[1][2]
Infinity Q Management once claimed to manage $3 billion in assets.
Charges, plea and attempt to retract[edit]
Velissaris was accused of mismarking firm holdings, sometimes inflating values to "impossible" levels and allegedly concealing the mismarking from auditors to increase management fees and retain investors.[3]
Velissaris entered his plea before U.S. District Judge Denise Cote in Manhattan. In requesting to withdraw his guilty plea,[4] Velissaris stated that his firm disclosed that it used a different valuation method than that of independent pricing services. Velissaris also said his plea was involuntary, as he was affected by depression and "overwhelmed by pressure" from prosecutors and his former lawyers to take a plea deal. Velissaris also said he had evidence he argued showed his innocence at the time he pleaded guilty.
Cote denied Velissaris's request, and in April 2023, he was sentenced to 15 years in prison for misleading investors.[2]
References[edit]
- ↑ Stempel, Jonathan; Godoy, Jody; Godoy, Jody (2022-11-21). "Infinity Q founder, once claiming $3 bln assets, pleads guilty to fraud". Reuters. Retrieved 2023-06-21.
- ↑ 2.0 2.1 "Infinity Q founder sentenced to 15 years for lying about asset values". Yahoo News. 2023-04-10. Retrieved 2023-06-21.
- ↑ Berman, Jeff. "Firm Founder Sentenced to 15 Years in Prison For Fraud". ThinkAdvisor. Retrieved 2023-06-21.
- ↑ "U.S. fund manager gets 15 years in fraud case". Investment Executive. 2023-04-11. Retrieved 2023-06-21.
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