“SEC Freezes Dallas Hedge Fund Manager’s Assets - Hedge Fund Net” |
| SEC Freezes Dallas Hedge Fund Manager’s Assets - Hedge Fund Net Posted: The Securities and Exchange Commission ran into court to freeze the assets of a Dallas hedge fund manager who allegedly raised more than $4 million from investors, including a former Dallas Cowboy. The order freezing the assets of Christopher Blackwell, 32, was unsealed by the Texas federal court Thursday. Blackwell raised money by telling investors various fictions, the SEC alleged, including that their money was safely in fixed-income trading programs, hedge funds and movie distribution investment contracts. But $720,000 of investor money went, instead, to pay for Blackwell's personal expenses, including child support, entertainment that included what the SEC politely referred to as "gentlemen's clubs," and the purchase of an Audi and Hummer. Additional money was parceled out in cash to Blackwell and his associates, while more than $500,000 was used for Ponzi payments; paying old investors with new investors' money. The former Dallas Cowboy, who isn't identified in the court papers, was referred to Blackwell by one of his ex-teammates. Blackwell pitched him on a deal involving the purchase and sale of jet fuel, as well as a fixed-income trading investment. The ex-footballer wired $250,000 to Blackwell, the SEC said. The Department of Homeland Security got wind of Blackwell's operations because of the large wire transfers, and arranged for an undercover agent to meet Blackwell, masquerading as a potential investor. At one of the meetings between Blackwell and the agent, which took place at a Hooters restaurant, the allegedly fake hedge fund manager claimed that he had advanced degrees from the University of Madrid and that he had worked for the Bank of Madrid and Goldman Sachs. None of those assertions were true, the SEC claimed. Attempts to reach Blackwell by phone in New Mexico, where the SEC says he now resides with his father, were unsuccessful. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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