Arrest in most lucrative insider trading scheme - FOX 35 News Orlando

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 This material may not be published, broadcast, rewritten or redistributed.

  • Manhattan NewsManhattan NewsMore>>

  • 'Get on Up' and James Brown's Harlem legacy

    'Get on Up' and James Brown's Harlem legacy

    Friday, August 1 2014 5:55 PM EDT2014-08-01 21:55:13 GMT
    "Get on Up" is in theaters now. The film chronicles the career of James Brown, who had a special connection to Harlem and New York. Billy Mitchell is the in-house historian at the historic Apollo Theater. He says the Apollo was a second home to Brown, as it was here where he became an international superstar who appealed to all. But Brown's NYC legacy stretches even further.
    "Get on Up" is in theaters now. The film chronicles the career of James Brown, who had a special connection to Harlem and New York. Billy Mitchell is the in-house historian at the historic Apollo Theater. He says the Apollo was a second home to Brown, as it was here where he became an international superstar who appealed to all. But Brown's NYC legacy stretches even further.
  • Massive emergency drill in New York City

    Massive emergency drill in New York City

    Friday, August 1 2014 5:14 PM EDT2014-08-01 21:14:45 GMT
    The New York City Department of Health conducted a massive emergency preparedness drill at 30 facilities across the city on Friday. They tested the delivery of emergency medications in the event of a biological attack, such as anthrax, or other large-scale public health emergency in the city. The majority of the deliveries will take place to public school buildings.
    The New York City Department of Health conducted a massive emergency preparedness drill at 30 facilities across the city on Friday. They tested the delivery of emergency medications in the event of a biological attack, such as anthrax, or other large-scale public health emergency in the city. The majority of the deliveries will take place to public school buildings.
  • Manhattan fire

    Manhattan fire

    Friday, August 1 2014 11:35 AM EDT2014-08-01 15:35:42 GMT
    A large fire was burning in Manhattan on Friday morning.The FDNY was called to 251 E. 35th St. around 11 a.m. It quickly went to two alarms.The building houses a Chinese Restaurant on the first floor and residential units on the upper floors.Thick black smoke was seen over the scene.This is a developing story and will be updated.
    A large fire was burning in Manhattan on Friday morning.The FDNY was called to 251 E. 35th St. around 11 a.m. It quickly went to two alarms.The building houses a Chinese Restaurant on the first floor and residential units on the upper floors.Thick black smoke was seen over the scene.This is a developing story and will be updated.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

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