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Ex-New York Financial Head Cops To $1.6M Fraud

Law360 (January 24, 2011, 6:26 PM EST) -- The former owner of New York Financial Co. admitted Monday to bilking investors out of $1.6 million by fraudulently claiming his hedge funds managed billions in assets and boasted a return rate of 1,800 percent.

Robert J. Sucarato pled guilty to one count of wire fraud before Judge Renee Marie Bumb of the U.S. District Court for the District of New Jersey, U.S. Attorney Paul J. Fishman said Monday.

He faces up to 20 years in prison and a fine of at least $250,000. He is...
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