The founder of Infinity Q Capital Management, a New York firm accused of inflating assets by over $1 billion to collect more fees, pleaded guilty on Monday to securities fraud.
James Velissaris, 38, of Atlanta, entered his plea before U.S. District Judge Denise Cote in Manhattan, averting a scheduled Nov. 28 trial.
Velissaris instead mismarked many holdings, sometimes inflating their values to "impossible" levels, and concealed the mismarking from auditors by falsifying term sheets, prosecutors said.
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