New York (HedgeCo.net) – Ethan Conrad, Frank Sim and Harrold Pressly are being accused of running a bogus hedge fund, the Black Card Group, based in Las Vegas. The allegations, according to Courthouse News Services, claim a family was cheated out of $8 million which the ‘hedge fund managers’ then spent on luxury vehicles and resort property.
Courthouse News Services reported that Conrad told the Urata family that he had put his own money into the fund, which “was exclusive … was available just for friends … [and] that it was a ‘no brainer’; that it was really safe.”
The Uratas demand $8.2 million in damages for negligence, breach of contract and misrepresentation, according to Courthouse News Services.
The Urata family alleges that the hedge fund may not exist, are unsure of it’s locale if it does, and believe, “The managers were not competent to manage an investment fund.”
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