Info & News On Detroit Escorts.

Detroit Strip Clubs: SEC: PE Manager Helped Partner Loot Firm Coffers

While building up AA Capital’s advisory business, Orecchio allegedly spent lavishly on travel and entertainment, regularly entertaining clients in Detroit and Las Vegas. In August 2003, the SEC says Orecchio began a relationship with a striper who performed at a Detroit strip club, spending extravagant amounts of money on his mistress and her family.
…
Orecchio also allegedly looted investor money in other ways. Between August 2005 and July 2006, Orecchio lied to his partner about the amount of money required for one of AA Capital’s affiliated p.e. funds’ investments in a real estate development, the SEC says. Orecchio made off with $8.7 million for this investment, but invested only $1.3 million in the real estate development. He actually spent $6.9 million on contractors renovating his horse farm and the Detroit strip club and $500,000 for a down payment on a Las Vegas condominium.
Between 2004 and 2006, Orecchio also allegedly requested and received reimbursement for numerous expenses that AA Capital was not entitled to charge back to its client …

See the full article from “FINalternatives”