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ATHENS - A fugitive US hedge fund manager who admitted defrauding investors out of millions of dollars has been arrested in Greece.
Angelo Haligiannis, formerly president of New York-based Sterling Watters Capital Advisers, was allowed to remain free while US authorities prepare an extradition request.
In 2005, Haligiannis pleaded guilty to one count of securities fraud, admitting that he defrauded investors by issuing "materially false and misleading statements" over the investment performance of his fund.
He was indicted in 2004 for "dramatically overstating" the assets under management and fund performance over four years to 2003, and bilking investors out of "tens of millions of dollars", according to court papers.
Haligiannis, who was free on bail after the guilty plea, failed to appear at a sentencing hearing in New York in January 2006 and was the target of an international manhunt.
- Reuters
