Sign in to comment!


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 3.92% -- 3.92%  
15 Y Fixed Graph 2.99% up 2.98%  
30 Y Fixed Jumbo Graph 4.31% up 4.24%  
5/1 ARM Graph 3.26% up 3.12%  
5/1 Jumbo ARM Graph 3.84% dw 3.85%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.68% up 4.62%  
$50K HELOC Graph 4.10% up 4.04%  
$30K Loan Graph 4.47% dw 4.48%  
$50K Loan Graph 4.12% up 4.11%  
$75K Loan Graph 4.12% up 4.11%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.99% dw 3.23%  
36 M Used Graph 3.18% dw 3.33%  
48 M New Graph 3.22% dw 3.32%  
48 M Used Graph 2.72% dw 2.90%  
60 M New Graph 3.33% up 3.31%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% up 0.34%  
1 yr Graph 0.62% -- 0.62%  
5 yr Graph 1.41% up 1.39%