Of all the hedge fund fraud cases, Francesco Rusciano & the Ponta Negra funds, is probably the least interesting, except for one thing: the proximity to VP Joe Biden through Paradigm Global.
Based on the information that is freely available online I’ve put together the timeline leading up to Francesco Rusciano arrest.
- 1982: Born to Frank Louis Rusciano and Roberta Fiske–Rusciano
- 2003: Writes paper on Brazilian “C” bonds for Cornell
- 2003: Graduates from Cornell
- 2003: Starts working for UBS handling Brazilian bond transactions
- June 1, 2006. Rusciano resigns from UBS after the it was discovered that he had misreported his transactions.
- February, 2007: Sets up Ponta Negra Group, LLC & Ponta Negra Fund I
- August, 2008: Forged a statement which showed he had $43 million under management rather than $3 million.
- February, 2009: Starts Ponta Negra Offshore Fund I
- March 18, 2009: Bronte Capital breaks the story of Fraud at Ponta Negra Group
- April 27, 2009: SEC freezes the assets of Ponta Negra Group
- May 1st, 2009: Francesco Rusciano is arrested
- May 4th, 2009: Francesco Rusciano is released to parents on 500,000 bond
(PS: image from bronte capital blog)