NYC Investment Fund Chief Charged With $9M Theft - NBC New York

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NYC Investment Fund Chief Charged With $9M Theft



    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.

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