A motion by Nicholas Lattanzio to dismiss his indictment has been denied by a New Jersey federal judge. U.S. District Judge Kevin McNulty has ruled that FBI agents’ failure to preserve evidence did not warrant tossing out criminal charges against the hedge fund owner. Lattanzio filed the motion claiming prejudice and bad faith on behalf of the government.
Hedge Fund Owner Caught in Scheme
The defendant is accused of stealing $4 million from investors to bankroll an expensive lifestyle.
Lattanzio, 58, of Montclair, was arrested by FBI agents and charged with three counts of wire fraud and two counts of securities fraud. Prosecutors say that Lattanzio orchestrated a large-scale advance fee scheme out of his Black Diamond Capital Appreciation Fund, promising loans and deals in exchange for millions of dollars. Instead of investing the money, Lattanzio purchased a million-dollar home in Montclair, New Jersey and spent thousands of dollars on jewelry, vacations, and a luxury car.
Lattanzio is facing a maximum prison term of 20 years for each fraud count. We will continue to report as the case unfolds.
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