Saturday, March 09, 2013

FBI Reporting Close Co-operation With Italy In Arresting And Soon Extraditing A Fugitive Swindler

Posted by Peter Quennell

A new FBI report in the news.

It is still more confirmation in line with many previous posts here that US and Italian crime-fighters respect one another and work closely together - and don’t turn a hair at requests for extradition.

The fugitive fund manager Florian Wilhelm Jürgen Homm could face 25 years in prison. The FBI explains what he is accused of: 

Florian Wilhelm Jürgen Homm, a German hedge fund manager who was on the run for more than five years, has been arrested in Italy on federal fraud charges that accuse him of orchestrating a market manipulation scheme designed to artificially improve the performance of his funds, a fraud that led to at least $200 million in losses to investors around the world….

Homm was the founder and chief investment officer of Absolute Capital Management Holdings Limited, a Cayman Islands-based investment advisor that managed nine hedge funds from 2004 until September 2007. The criminal complaint filed in United States District Court in Los Angeles alleges that Homm directed the hedge funds to buy billions of shares of thinly traded, United States-based “penny stocks.” Homm caused many of the purchases of penny stocks to be made through Hunter World Markets Inc., a broker-dealer in Los Angeles that Homm co-owned. Homm also allegedly obtained shares of the penny stock companies through various businesses he controlled.

And the FBI credits the role in arresting Florian Wilhelm Jürgen Homm of the Italian authorities.

Homm, 53, was arrested at the Uffizi Gallery in Florence, Italy, at approximately 12:30 p.m. on Friday (local time). Federal prosecutors in Los Angeles obtained an arrest warrant on Wednesday, March 6, after filing a criminal complaint that charges Homm with four felony charges: conspiracy to commit wire fraud, wire fraud, conspiracy to commit securities fraud, and securities fraud. Homm was arrested by Italian authorities after the United States submitted a request for a provisional arrest with officials in Rome.


Hats off to FBI and Italian law enforcement who bring swindlers and crooks to justice. “So shines a good deed in a weary world.”

Posted by Hopeful on 03/09/13 at 05:07 PM | #

a good start…but, there remains so much to be cleaned.

Posted by Bettina on 03/09/13 at 08:50 PM | #

One of the most bizarre happenings in the bizarre arc of Steve Moore, who was once something or other in the FBI (his resume is still not availble for public gaze), is where he was ranting on about how the local crime scene processors were klutzy and bungling and had got it all wrong.

Only they werent local crime scene processors. There were all from the Italian equivalent of the FBI. Moore didnt even know that. Nobody who knows their work including the American FBI think they are other than brilliant at what they do.

Another Knox “helper” who didnt have a clue who he was taking on was the ill-qualified crime scene DNA “expert” Greg Hampikian from Idaho. He is said to have been instrumental in the absurd commentary on methods used in the labs of the Scientific Police by the DNA consultants C&V. Their report was roasted in the Galati appeal report and likely to be fully junked.

Posted by Peter Quennell on 03/10/13 at 11:38 PM | #

This is the Florence museum where Homm was arrested by Italian police last week.

Business Week is reporting how his scam worked, how he set off on his run, and how he wrote a book in German about his life before and after.

He hadnt really lived in the US for a very long time and had three passports when caught. All possible sentences combined add up to 75 years.  What seems to have begun as disputably a crime soon escalated and he was soon in deep over his head though he kept the shell game going for years. 

Investors lost money including institutional investors (the pension funds etc of you and me).  But this is a drop in the ocean compared to the tens of millions who lost their health insurance, pensions, and houses, all by legal means, after the “financial industries” went haywire around 2008.

My guess is maybe $40 trillion worldwide simply got destroyed. A whole year of global output. Five years later FINALLY Americans are beginning to develop a bit of confidence in the markets and their lives and the real economy is slowly moving onto not a bad plane.

European economies meanwhile are still being treated with blood-letting leeches, er, austerity, which is “for their own good”. Listen to the UK prime minister say that about the triple dip recession in the UK - and ignoring the u-turn of the IMF.

Posted by Peter Quennell on 03/12/13 at 05:34 PM | #

Steve Moore is a simpleton. Born of the same ridiculous logic as the OJ chant, “If the glove does not fit, you must acquit”, he has jumped to an erroneous conclusion simply because he hopes that it will clinch the appeal.

How can any sane person, in full knowledge of ALL the evidence in this case and even setting aside the “knife”, still claim Knox and Sollecito are anything other than guilty as hell?

As a matter of accepted evidence, Meredith’s DNA on the knife was a complete match. Sollecito did not deny that it was her DNA, but set about concocting a phoney-baloney story about his having “nicked” Meredith with the knife accidentally.

Surely, only a guilty mind can produce such a yarn?

Posted by Mealer on 11/03/13 at 01:11 PM | #
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