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  1. #1
    I Am Rocking Now

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    Default Money manager pleads guilty to $24M pension fraud



    Feb 17, 2010

    Money manager pleads guilty to $24M pension fraud

    CHICAGO — The former head of a Chicago asset management company pleaded guilty today to fleecing six union pension funds of $24 million and spending much of the money on jewelry, gambling and renovation of his strip club.

    John Orecchio, 44, said in a signed plea agreement he also used money that was supposed to be invested on behalf of union members to pay for a horse farm, luxury automobiles and chartered airplane travel.

    The jewelry alone was worth more than $1 million, he said. And more than $1.1 million went to what prosecutors called "purported political donations" that had nothing to do with Orecchio's management of the six pension funds.

    continued

  2. #2
    On A Mission

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    Default Re: Money manager pleads guilty to $24M pension fraud

    "Orecchio was president of Chicago-based AA Capital, a firm that was placed in receivership by the Securities and Exchange Commission in September 2006."

    What does this mean? They were placed in "recievership" by the securities and exchange commision...
    What does recievership mean and why and how does the securities and exchange commission place one in that?

  3. #3
    I Am Rocking Now

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    Default Re: Money manager pleads guilty to $24M pension fraud

    Judge Harry Leinenweber set June 10 for sentencing. Orecchio could get 15 years in prison under federal guidelines but prosecutors promised to recommend a sizable break if he cooperates as they push ahead with further investigations.


    $24 million, yes I'll bet that Mr. Orecchio is very sorry. Very sorry that he got caught. Here it is 3 years later and he is just making his deal with the Feds.

    And they talk about the mob and union corruption. Where were the government watchdogs while this fleecing was going on? White collar crime at it's finest.

 

 

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