CFTC Nails Jelly to Wall

The kill-joys at the Commodity Futures Trading Commission Wednesday announced having pulled the plug on the not quite $7.2 billion New York Financial Co and its principal Robert J. Sucarato. Usual stuff—fraudulent solicitation, concealing trading losses, issuing false statements, embellishing the resume, manufacturing audits—not to mention a slight discrepancy in assets under management; Sucarato apparently raised “at least $1.5 million from at least five individuals [Morons, surely?—Ed].”

On a more positive note, investors who might have missed the hedge fund boat are welcome to join Sucarato in his latest—and doubtless highly profitable—venture:

NYFC Properties, LLC is a private investment company and owns both commercial and residential properties in the United States and abroad. We are always on the lookout for new properties to add to our portfolio. NYFC Properties does look for certain types of properties and situations, but are always willing to listen to project proposals and meet with prospective buyers and sellers. We also do not mind joining investment groups if the project is deemed beneficial to us.

NJ Federal Court Freezes Assets of Hedge Fund
Commodity Futures Trading Commission press statement
Apr. 30 2008

CFTC v. Robert Sucarato
Apr. 22 2008

NYFC Properties LLC

New York Financial Company