The manager of Bucks County, Pennsylvania-based Tiburon Asset Management and Tiburon Partners has been charged with nine-counts of fraud by a grand jury.
The manager, 32-year-old Vincent Montagna, was accused of losing some $10 million in investor funds, according to the criminal suit. A parallel civil complaint by the Securities and Exchange Commission alleged that Montagna lost money investing in risky companies in exchange for kickbacks. The suit also claimed the Tiburon chief spent investor money on personal expenses such as a fur coat, travel and his own credit card bills. Montagna was able to prolong the fraud by