Founder And Previous Main Investment Officer Of New York Dependent Investment decision Adviser Charged With Securities Fraud And Obstruction Of Justice | USAO-SDNY

Damian Williams, United States Lawyer for the Southern District of New York, and Michael J. Driscoll, the Assistant Director-in-Charge of the New York Place of work of the Federal Bureau of Investigation (“FBI”), introduced that JAMES VELISSARIS, the founder and previous main investment decision officer of Infinity Q Money Management (“Infinity Q”), a New York centered financial commitment adviser that ran a mutual fund and a hedge fund that purported to have about $3 billion in assets beneath administration, was charged with securities fraud and obstruction of justice for orchestrating a plan to lie to buyers and falsify documents.  VELISSARIS created bogus and misleading statements to investors and some others relating to Infinity Q’s system for valuing sure about-the-counter (“OTC”) spinoff positions that designed up a substantial portion of the holdings of the mutual and hedge cash, and also fraudulently mismarked those securities in approaches that did not mirror their fair price. VELISSARIS fully commited the mismarking plan in buy to inflate the worth of the investment decision funds as claimed to buyers, to attract and keep funds, and to maximize his very own payment. In order to steer clear of detection of the scheme, VELISSARIS provided the two Infinity Q’s auditor and the Securities and Trade Fee (“SEC”) with falsified or altered documents, together with providing the auditor with altered term sheets that served to supply fabricated support for the fraudulently inflated values.  VELISSARIS surrendered to FBI agents in Atlanta, Georgia this morning and is expected to be introduced afterwards right now.

U.S. Legal professional Damian Williams reported:  “As alleged, James Velissaris violated his obligation to place the pursuits of his buyers ahead of his personal revenue.  In purchase to appeal to and keep investments in the funds that he operated, Velissaris lied about the independence of the method

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New York Metropolis Enhances Entry for Consumers with Self-Company Payment Know-how at Business enterprise Facilities

NEW YORK–(Business WIRE)–The New York Metropolis Division of Finance currently declared the availability of self-company payment alternatives for clients paying in particular person at its business facilities in the Bronx and Queens.

The Department has deployed self-service kiosks from CityBase, a primary service provider of governing administration and utility payment engineering, to build a improved payment encounter for its buyers, and to reduce foot targeted visitors and hold out instances in small business centers. The kiosks also cut down particular person-to-person call through the pandemic. Buyers have the possibility to conveniently pay parking tickets with dollars, check out, or card, with out any extra support costs. Just about every transaction can take underneath one particular minute on average, with guidelines in both of those English and Spanish.

Two kiosks are now stay in the Bronx Business enterprise Center, 3030 3rd Avenue, 2nd Flooring, Bronx, NY 10455 and two additional kiosks are are living in Queens Small business Centre, 144-06 94th Avenue, Jamaica, NY 11435.

“We are introducing these payment kiosks to boost usefulness and entry for all New Yorkers, especially those who want to shell out in funds and have constrained options,” stated Preston Niblack, Commissioner of the New York City Division of Finance. “Our approach is to increase our kiosk coverage citywide in 2022. We chose CityBase for this initiative for their practical experience as a major supplier of government payment kiosks.”

“The Metropolis of New York is taking this move to strengthen the payment experience for all New Yorkers, and in unique they are expanding entry for customers who could not have straightforward and inexpensive alternatives to fork out. It sends a potent concept to towns throughout the region that accessibility matters,” explained Mike Duffy, CEO and founder of CityBase. “New York’s kiosk

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