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Last Trade - 29/06/20

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Ex-Gottex accountant gets prison for theft of nearly $3.6 mln

Wed 9th August, 2017 10:24pm
By Nate Raymond 
    BOSTON, Aug 9 (Reuters) - A former accountant at Gottex Fund 
Management Holdings Ltd was sentenced on Wednesday to more than 
four years in a U.S. prison for engaging in a multi-year scheme 
to steal nearly $3.56 million from the Swiss hedge fund firm. 
    Gary Tiffany, 33, was sentenced to 51 months by U.S. 
District Judge Mark Wolf in Boston after pleading guilty in 
October to charges of wire fraud and money laundering stemming 
from his theft of funds from the company, which is now called 
LumX Group Ltd  LUMX.S . 
    Wolf rejected a defense lawyer's request for a prison term 
of just 2-1/2 years, saying Tiffany misused his position for 
more than four years to engage in a fraud that allowed him to 
buy Rolex watches and drive a Porsche. 
    "This is a very serious crime," Wolf said. "You stole a lot 
of money and you stole it over a number of years." 
    The judge also ordered Tiffany to pay $3.45 million in 
restitution to the company and insurers who already covered some 
of its losses. In court, Tiffany apologized for his conduct. 
    "I am genuinely ashamed of what I did," he said. 
    Prosecutors said Tiffany joined the company in June 2010 as 
an accounting associate and acted as its main bookkeeper and as 
the office manager for its New York and Boston offices. 
    According to court papers, from April 2011 through November 
2015, Tiffany wired funds from the company's accounts to his own 
and forged checks in order to illegally obtain $3.56 million. 
    He concealed the scheme by making false entries in the 
company's accounting system and by manipulating its bank 
statements to remove references to wire transfers he made into 
his own personal accounts, prosecutors said. 
    Tiffany's theft was only discovered after he was laid off in 
mid-2015 amid a company downsizing, when his replacement 
reviewed the company's bank statements, according to charging 
papers. 
    In an email to his former supervisor in London on Nov. 17, 
2015, Tiffany said he "made terrible mistakes and choices in my 
life" and that he felt guilt and shame for his choices, 
according to a criminal complaint. 
    The case is U.S. v. Tiffany, U.S. District Court, District 
of Massachusetts, No. 16-cr-10269. 
 
 (Reporting by Nate Raymond in Boston; Editing by David 
Gregorio) 
 ((Nate.Raymond@thomsonreuters.com and Twitter @nateraymond; 
617-856-1312; Reuters Messaging: 
nate.raymond.thomsonreuters.com@reuters.net)) 
 
Keywords: MASSACHUSETTS CRIME/GOTTEX
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