Hedge Funds

Fugitive fraudster O'Neill nailed in Italy

by

Donald O'Neill, the hedge fund manager charged with 40 counts of wire and mail fraud in connection with a money laundering scheme related to his Orca currency fund, has been captured and apprehended in Rome, Italy.

While the amount of money he raised - $13.7 million from 38 investors in the U.S. - is minor by hedge fund fraud standards, the nature of O'Neill's crimes is particularly egregious.

O'Neill, age 31, raised money from investors including Native American groups the Fort Mojave tribe and the Hopi Tribal Housing Authority, and blew it on a spending spree that included a gambling