Fugitive Hedge Fund Manager Nabbed In Italian Art Gallery

Law360, New York (March 8, 2013, 8:43 PM EST) -- A German hedge fund manager accused of artificially inflating U.S.-based penny stocks in a “portfolio pumping” scheme that resulted in investor losses of more than $200 million was arrested Friday in Italy after more than five years on the run.

Florian Wilhelm Juergen Homm, founder of Absolute Capital Management Holdings Ltd., was arrested in Uffizi Gallery in Florence, Italy. Homm has been indicted on felony wire and securities fraud charges stemming from the alleged scheme.

Prosecutors allege Homm, 53, directed nine hedge funds he managed to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.