29-Year Old Charged with Hedge Fund Fraud
29-Year-Old Charged With Hedge Fund Fraud |
Scott's alleged fraud didn't only take in investors. Scott spoke at the Rev. Al Sharpton's National Action Network Conference in March (luring at least one investor), and Ebony magazine named him one of the country's top young black entrepreneurs in 2010. And his schmoozing got him pictures with New York Knicks legend Patrick Ewing and Martin Gruenberg, the chairman of the Federal Deposit Insurance Corp.
Prosecutors said he claimed to manage $3.7 billion-at the tender age of 29-and displayed a Web site full of photos of himself with the rich and powerful.
Also, from mid-April 2013:
Fredrick D. Scott on Monday announced that he was creating Fredrick D. Scott, LLC, a venture capital and private equity firm that will invest in and acquire" minority-focused financial and banking institutions."
There are minority banks?
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