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Norfolk Hedge Fund Manager Indicted

New York (HedgeCo.Net) – Jeffrey Martinovich, a Norfolk hedge fund manager was indicted on 26 charges of fraud over the weekend.

According to a news release from the U.S. Attorney’s Office in the Eastern District of Virginia Martinovich was charged with mail fraud, wire fraud, unlawful monetary transactions and bankruptcy fraud. It is possible that he could serve up to 20 years in prison for each count if convicted.

“According to the indictment, he started three hedge funds through MICG Investment LLC and began seeking investments in 2007. Acting on behalf of MICG, the CEO invested in an entity that owned an English professional soccer team, a construction bond related to a crane company and a privately traded solar energy company for the MICG Venture Strategies LLC fund.” The Virginia Pilot reported.

The hedge fund manager is accused of inflating the value of his hedge funds, while paying himself most of the acquired investments. He filed for Chapter 7 bankruptcy in February 2011. The hedge fund manger also spent, without reporting, thousands of dollars in gambling winnings in Las Vegas.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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