GR Man Admits Guilt in Defrauding Elderly, Paraplegic Widow Out of Life Savings
In a separate fraud scheme, hedge fund manager George Sepero also admitted to swindling investors out of $3.5 million while he funded an extravagant lifestyle.
A Glen Rock hedge fund manager pleaded guilty to charges he defrauded investors – including a disabled, elderly woman – out of more than $4 million while he took lavish vacations, dropped thousands at chic nightclubs and purchased luxury cars. George Sepero, 40, of Glen Rock pleaded guilty to wire fraud and tax evasion charges in federal court on Friday. He could spend more than 20 years in prison. U.S. Attorney Paul Fishman said that beginning in 2009, Sepero and two co-defendants lured and fooled investors by claiming they had developed a secret computer algorithm that could yield returns of more than 170 percent. The algorithm, in fact, never existed, Fishman said. Sepero's co-conspirators, Carmelo Provenzano and Daniel Dragan, …
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11:34 pm on Tuesday, April 16, 2013
He was always a troubled kid more ›