Hedge Fund Manager Gets Nearly 12 Years in Prison for Fraud (AI-CIO.com) Hedge fund manager Nicholas Genovese has been sentenced to nearly 12 years in federal prison after pleading guilty to committing securities fraud by convincing investors to entrust him with more than $11 million dollars based on false and misleading information, according to the US Justice Department. He had also concealed the fact that he had prior felony convictions for fraud-related crimes. According to court records, Genovese began soliciting individuals in 2015 to invest in his New York-based hedge fund Willow Creek. He said he was part of the Genovese family that had owned the Genovese Drug Store chain in the New York area. The chain had been bought out by Eckerd Drugs in 1998 for $492 million, and he told investors he was an heir to the family’s fortune.
He got a tough sentence not because he stole 11 M but because he fail to disclose that he came from a very distinguished family. There are five main NewYork City Mafia families, known as the Five Families: the Gambino, Lucchese, Genovese, Bonanno, and Colombo families.
Hyman Roth was a fictional character in Godfather II. Now Meyer Lansky, of blessed memory, was one of best.