Chief Investigative Reporter Jonathan Dienst on crime, corruption and terrorism.

NYC Investment Fund Chief Charged With $9M Theft

Tuesday, Feb 11, 2014  |  Updated 12:15 AM EDT
View Comments (
)
|
Email
|
Print
NYC Investment Fund Chief Charged With $9M Theft

.

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.

Get the latest from NBC 4 New York anywhere, anytimeiPhone/iPad App | Twitter | Facebook | Email Newsletters Send Us News Tips | Google+ | Instagram | RSS

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
21st Century Solutions
The NBCUniversal Foundation is partnering... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out