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Fake NJ Hedge Fund Operator Indicted for Defrauding Victims in Two Scams

Newark FBI – A Newark grand jury today indicted a man for allegedly draining an elderly woman’s annuity while operating another, multi-million-dollar investment fraud scam, U.S. Attorney Paul J. Fishman announced today.

George Sepero, 39, of Glen Rock, New Jersey, allegedly claimed to run New Jersey-based hedge funds using a secret computer program to invest in foreign currency—but instead defrauded victims out of more than $4 million and spent the investments on high-end vehicles, luxury travel, and five-figure bar tabs. In a separate scheme, Sepero allegedly defrauded an elderly woman with serious medical problems out of her life’s savings.

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