Sign in to comment!

Menu
Home

Crime & Courts

NYC investment fund chief charged with $9M theft; he funneled money via shell company, DA says

A New York City investment fund manager has been charged with siphoning $9.3 million to pay for a car, his credit card payments and other personal expenses.

Lawrence E. Penn III pleaded not guilty Monday to grand larceny and other charges.

Penn manages a private equity fund called Camelot Acquisitions: Secondary Opportunities LP.

Manhattan district attorney Cyrus R. Vance Jr. says Penn had the fund pay a shell company supposedly to do due diligence reviews but then had the money funneled back into his control.

The federal Securities and Exchange Commission made similar allegations in a civil suit last month.

Defense lawyer Benjamin Brafman says Penn will address the allegations "in a responsible and timely manner." Brafman says the allegations don't affect fund assets now held in custody.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.78% dw 3.79%  
15 Y Fixed Graph 2.98% up 2.93%  
30 Y Fixed Jumbo Graph 3.98% dw 4.16%  
5/1 ARM Graph 3.06% up 2.99%  
5/1 Jumbo ARM Graph 3.55% up 3.13%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.60% dw 4.61%  
$50K HELOC Graph 4.08% dw 4.11%  
$30K Loan Graph 4.88% dw 4.90%  
$50K Loan Graph 4.33% up 4.32%  
$75K Loan Graph 4.33% up 4.32%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.67% dw 2.68%  
36 M Used Graph 3.13% dw 3.15%  
48 M New Graph 2.92% dw 2.93%  
48 M Used Graph 2.75% dw 2.76%  
60 M New Graph 3.06% dw 3.07%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.36% dw 0.37%  
1 yr Graph 0.65% dw 0.67%  
5 yr Graph 1.43% dw 1.47%