Baton Rouge Man Indicted in $13M Investment Fraud Scheme Involving Greenwing
A federal grand jury has indicted a Baton Rouge man on 18 counts of mail
fraud for allegedly executing a multi-million-dollar
investment fraud scheme.
According to the indictment, James R. Holdman solicited and received millions
of dollars in investments in his
hedge fund, Greenwing Capital Management, LLC. He then allegedly lost approximately
98% of the funds he received.
Instead of telling investors about the losses, however, authorities allege
that Holdman falsely reported that the investments were earning positive
rates of return.
“By making these false representations, Holdman was able to conceal
his failed investment plan and defraud the victim investors into keeping
their remaining money with Greenwing Capital or investing more money in
it,” alleged authorities, “thereby allowing Holdman to continue
receiving money in the form of fees for his own personal use and benefit.
In order to continue to conceal his fraud, Holdman continued to put the
victim investors’ money at risk in an attempt to recoup his losses.”
The indictment further alleges that Holdman intentionally concealed the
failed investments for a period of approximately nine months.
Authorities claim investors in Mississippi, Florida, and Louisiana lost
around $13 million in the alleged scheme.
For additional information about this
Baton Rouge investment loss case, click here.