Jay Nolan of Lodge Diversified charged with $6 Million Fraud

November 27th, 2009
| More
Jay Nolan, a futures trader from the Chicago suburb of Wilmette, was arrested on Tuesday for allegedly defrauding investors. According to the FBI, Mr. Nolan launched his commodity futures hedge fund, Lodge Diversified Fund LP, in 2005. Mr. Nolan allegedly lost most of the money early on and had been sending false reports to investors to hide losses ever since.

According to a statement, an individual known as “Investor A” received an account statement from Lodge Diversified showing at the end of October that his balance was $5,611,901 and the overall fund’s balance was $6,308,409. When Investor A contacted Lodge Diversified’s brokerage firm, he learned that the firm’s overall account had a balanced of just $170,000.
For Detailed Investor Profiles on these Investors, click below:
Lodge Diversified Fund LP
Related People: Jay Nolan
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

Add a Comment

More Recent Headlines

Black Swan: All things Nassim Taleb

Glenn Greenberg and John Shapiro at odds, Chieftain Capital Splits-Up

John Paulson's Future Performance: No Guarantees

Carl Icahn goes to Hollywood, Buying up MGM Studios’ bonds

New Trend Capital launches flagship US Equity hedge fund

Red Robin Must Start Marketing Aggressively Again

Solidifying a Hedge Fund Brand – What Not to Do

Greg Coffey’s Moore Capital hedge fund outperformed by his old GLG fund

Citadel, PIMCO, Pershing Square Capital and Samena Advisors add depth

Phibro LLC opening Commodities Hedge Fund to New Investors