A former Chicago hedge fund manager was recently charged with allegedly bilking over $3.5 million from approximately 48 victims in an investment fraud scheme.
Since 2003, James Brandolino, 42, allegedly raised $4.7 million to invest in futures and commodities...
... Bradolino lost half of the total funds invested, and spent the remaining money on a 2004 BMW, a Rolex wristwatch and an interest totaling $107,000 on a condo in Greece
Brandolino faces up to 20 years in prison...
Seriously? There are 48 people out there willing to fork over $100,000 to a guy named James Brandolino? Is this New Jersey? Have I missed something? There has to be a Darwin tax in life at some point, like giving part of your retirement to a guy who says he's running a CTA with $5 million bucks in it. If he's willing to take $100,000 from you it's because he has no capital, which means he's never been a profitable futures trader. Come on now people.
As much as I want to be upset with this guy, I really just want to toss him a $20 and tell him not to buy booze with it. A 2004 BMW? Out of work infomercial hosts out here won't even have anything older than 2006. Just move out to California and take out a second lein on a house, fraud the old-fashioned and federally promoted way.
I think I found a new due diligence question to ask in hedge fund research meetings: "if you had $2 million dollars left to your name, and a year left to live free, what would you buy?" and if the answer is a Rolex and a time-share, the meeting just ends right there.
I wonder if he'll have to lie in prison like guys who are really just there for trying to sell cocaine but insist that they killed a guy two times their size. No, no, no, that's with a B... $3.5
Compassionately,
-I Heart Palindromes
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