PE Firm Head Cops To FBI Wire Fraud Charges

Law360, New York (September 16, 2013, 3:03 PM EDT) -- The owner of a New York-based private equity firm on Friday pled guilty to FBI charges that he stole $1.3 million from his customers via a fraudulent advance-fee scheme — the same day the U.S. Securities and Exchange Commission sued him for similar activities.

Frederick Douglas Scott copped to a two-count wire fraud indictment in Brooklyn federal court for using his firm, ACI Capital Group, to steal investors' money, according to a U.S. Department of Justice release. The FBI's indictment also accused Scott of lying to...
To view the full article, register now.