Two Former Money Managers Indicted
By Katie Hauser
Published on October 13, 2006
Lennon, 39, of Media, and Postiglione, 36, of Malvern, are accused of using the hedge fund’s assets to cover expenses in excess of their management fee allotment. Lennon and Postiglione sent letters to investors assuring them that the fund was growing, while in reality it lost $2 million over the course of three years before it was shut down in July 2004.
Postiglione’s father and in-laws were among the defrauded investors.
Lennon and Postiglione face 18 counts of mail fraud and one count of securities fraud. Postiglione also faces charges of obstruction of justice. An arraignment date has yet to be set.
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