NEWARK – Nicholas Lattanzio took $5 million for his so-called Black Diamond Investments hedge funds and “simply stole most of the money he raised,” the SEC claims in Federal Court.
     According to the SEC complaint, Lattanzio, 58, of New Jersey “used fund assets to purchase a $1 million-plus home in Montclair, New Jersey, to repay over $760,000 in credit card debt, to buy a $124,000 luxury car and merchandise from Tiffany & Co. worth over $100,000, and to pay for his children’s tuition at an elite private school and his membership at an exclusive golf club. He also withdrew over approximately $570,000 in cash or checks written to himself and his girlfriend (‘Girlfriend A’), and paid over $30,000 to a yacht broker.”

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