Coadum Capital Fraud

Coadum Capital Fraud

Utah Based Hedge Fund Indicted on Multiple Charges

This year has been a mixed one for hedge funds with mostly positive gains but also some problems. As more regulation was introduced aimed at hedge funds and more regulators targeted hedge funds with investigations and indictments. Now, a Utah based hedge fund has been accused of multiple counts of mail fraud, wire fraud and conspiracy.
Thomas Repke was indicted on December 15, 2010, along with an alleged accomplice, James Jeffrey.

“This indictment alleges a major international investment fraud scheme that defrauded over 100 victims around the country out of tens of millions of dollars, most of which has been transferred to overseas accounts.” Attorney Sally Quillian Yates said, “Those who prey on the investing public in this way will continue to find themselves facing federal felony charges.”

Coadum Capital attracted over 100 investors and over $30 million in investments in 2006 and 2007. Coadum offered shares in hedge funds and advertised monthly returns of 5 percent. The indictment in this case alleges that money placed in escrow was transferred to accounts in Switzerland and the Mediterranean island of Malta, from where the money then disappeared. Source

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