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Fake Heir Cops To $13M Hedge Fund Scam, Faces 10 Years

Law360, New York (October 19, 2018, 8:26 PM EDT) -- A con man who raised $13 million by claiming to be a hedge fund manager and heir to the Genovese Drug Stores family fortune pled guilty to securities fraud in Manhattan federal court on Friday as part of a deal that calls for federal guidelines of 10 years or more in prison.

Nicholas Genovese, 53, had previously done time for offenses including grand larceny, forgery and misuse of a credit card when, in 2015, he began seeking investors for Willow Creek Investments LP. He admitted on Friday that he raised about $13 million by falsely claiming to have gone to business...

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