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Detroit Strip Clubs: Chicago Equity Fund CEO Indicted in Union Pension Scam

At least that’s official figure for now. Back in September 2006, the SEC had filed a fraud complaint against Orecchio and his company, alleging he’d misappropriated $10.7 million from clients. But even $24 million may be on the low side. In previous court filings, Orecchio has acknowledged causing $60 million in losses. Whatever the true amount, few dispute he had ambition or a taste for the good life. According to W. Scott Porterfield, the court-appointed lawyer in the SEC case, Orecchio diverted large portions of his clients’ investments toward covering AA Capital operating losses and paying for expenses (”reimbursements”) of a Michigan horse farm and a Detroit strip club he owned. He also racked up millions of dollars in travel and entertainment expenses – $4.3 million in 2006 alone – whose tab included $78,795 for a trip to South Africa, $80,468 for a trip to Antigua, and $1 million in donations to a variety of organizations including Michigan Democrats and Citizens for Greater Detroit. In his biggest boondoggle, Orecchio pumped $32 …

See the full article from “National Legal and Policy Center”