Courthouse News Service – The founder and general partner of a $5 billion hedge fund used the company’s CFO as a scapegoat when investors found out he used their money to buy a private Gulfstream jet, the former CFO claims in Federal Court. Perry Gruss claims that Daniel Zwirn, of D.B. Zwirn and Co., told him he had to leave the company so Zwirn could remain ”pearly white” and ”bullet proof.”

Zwirn and Co. once managed more than $5 billion in assets. Gruss claims its founder began to live the life of an ”investment magnate,” including the private jet, ”scores of professional and personal assistants,” and a vacation home on the East End of Long Island.

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West Palm Beach (HedgeCo.net) – Wall Street’s highest-ranking woman, Erin Callan, was subpoenaed by a federal grand jury, along with 24 other Lehman executives regarding the collapse of Lehman Brothers, according to the New York Post.

Now in seclusion, the NYP says she taking a five-month personal leave. Callan joined Credit Suisse five months ago after being ousted as CFO of collapsed investment bank Lehman Brothers.

NYP excerpt: "At Lehman, Callan had been an admired public face of Lehman’s whirlwind dance with hedge fund chiefs, but then-CEO Dick Fuld blamed her for Lehman’s collapse, and pushed her out just months before the firm imploded, wiping out billions for investors and employees."

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

Tags: accredited-investors, callan, cfo, credit-suisse, dick fuld, federal grand jury, five months, hedgeco, investment-bank, lehman brothers, new york post, nyp, palm-beach, personal leave, public face, seclusion