A former hedge fund manager is warning investors against the “biggest” scam in finance.
James A. Mancuso says he “lost everything” when his life savings were stolen by a con artist in 2011.
“I’ve lost everything,” Mr Mancos said.
“In my life, I have a couple of savings, a credit card and a bank account, which were all taken.”
So it was a complete loss, in my mind.
“Mr Mancuses family and friends still live in the same house where he lost his money.”
All I have is a lot of debt, I’ve got a lot more debt,” he said.
Mr MANCUSO lost a third of his savings after his account was stolen.
He says he and his partner are still in the process of paying off debts, including his student loans.”
My family is very supportive, but it’s hard, I don’t know how I am going to pay the bills,” he says.”
They’ve been really supportive, and they’re doing a lot.
“But they don’t have the resources to make a dent, because I’ve been in this for 18 years and I’m the only one that’s actually been able to get that.”
Mr Fergus said he was shocked by Mr MANCUSASO’s warning.
“This is one of the biggest scams ever in the history of finance,” he told news.com.au.
“It’s not something I’ve seen before.”
Mr Pearsall was one of several people who had to make tough choices after the scam, which took place in 2011, after the hedge fund lost more than $10 million in investments.
“At first I was quite nervous, I thought I was in for a big shock, and then I saw it in retrospect,” Mr Pearsell said.
The scam involved an elderly man posing as a senior manager in a hedge fund.
“He was able to walk in with my credit card details, and he asked for my money, and I got my money back,” Mr Hirst said.
While some investors lost money, others were able to recoup their money.