has been charged by federal prosecutors with securities fraud and obstruction of justice for allegedly inflating fund asset values to keep investor money flowing, then falsifying records to conceal the improprieties.
Prosecutors said Velissaris inflated the value of the funds’ holdings by $1 billion and manipulated the results for at least four years to mask poor performance. At certain times during 2020 when the pandemic was roiling the financial markets, the funds’ real values were half what investors were told they were, prosecutors said.
Mark Schonfeld, a lawyer at Gibson Dunn who represents Velissaris, provided this statement: “James managed investments at Infinity Q with the highest integrity in accordance with all applicable principles. We look forward to vindicating James, who has been scapegoated by others who will have to answer in court for their own compliance failures and the losses incurred by their irresponsible liquidation of the portfolio.
Allegations that Velissaris manipulated returns and asset values for four years after that incident indicate the fund’s trustees were providing inadequate oversight, said Marshall Glickman, an aggrieved investor in the Infinity Q fund. “Why was Velissaris in a position to misprice the assets for four years?” he asked.Jim Rolon Photography
Fedality Mutuals?
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