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Ex-US race-car team owner Franzone charged with fraudulently inducing $40 million in investments

( April 23, 2021, 18:48 GMT | Official Statement) -- MLex Summary: Andrew Franzone, a former Florida-based owner of the ATF & Gunslinger car-racing team, was arrested and criminally charged by the US Justice Department with fraudulently inducing about $40 million in investments in the hedge fund he founded. The fund, FF Fund, was charged with civil fraud by the US Securities and Exchange Commission. Franzone allegedly fabricated FF Fund’s strategy and performance for more than 100 investors and diverted some of the fund’s assets for his own use, including the purchase of an airplane hangar and a garage to store his race-car collection.Statement follows in full. Also see document below. ...

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