Investment manager James Velissaris indicted for securities fraud involving Cayman & US entities
Investment manager James Velissaris has been criminally indicted in New York for an alleged scheme involving entities in the Cayman Islands and United States in which assets were allegedly over-valued by more than $1 billion so he could receive "tens of millions of dollars" in fees and profits. Civil lawsuits were also filed against him by two US regulatory agencies and a Cayman investment fund, which brought a class action.