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June 13th, 2010

Guy Albert de Swindle.

Via: Bloomberg:

New York money manager Guy Albert de Chimay was indicted in New York on grand larceny and forgery charges, according to the Manhattan District Attorney’s office.

Chimay, 47, chairman and chief investment officer of Chimay Capital Management Inc., was arrested yesterday in Wrightsville Beach, North Carolina, on a New York state warrant, said Adam Kaufmann, chief of the investigation division of the Manhattan District Attorney’s office.

The U.S. Securities and Exchange Commission sued Chimay yesterday, accusing him and his firm of fraud for touting investments he claimed were tied to the Chimay royal family of Belgium, and then stealing millions of dollars to pay his divorce lawyers and the mortgage on his house in the Hamptons on Long Island east of New York City.

“He lied to investors, took their money and used it to support his lifestyle,” Kaufmann said in a phone interview.

The SEC obtained an emergency court order to freeze the assets of Chimay and his firm.

Chimay Capital claimed to be the U.S. investment arm of the royal family based in the Chimay region of Belgium and dating to the 14th century, according to the SEC.

“Chimay used the trappings of royalty to perpetrate the most common of frauds,” said George Canellos, director of the SEC’s New York regional office. “Chimay blatantly lied to investors about non-existent investments and then used their money to bankroll his exorbitant personal and business debts.”

Elite | Posted in Economy Top Of Page