The founder of a New York private equity firm was indicted Monday for allegedly stealing $9.3m from investors and spending it on jewelry, a luxury car and rent, according to Manhattan prosecutors.
The New York Post reports that West Point grad Lawrence Penn III is accused of siphoning dough from Camelot Acquisitions to a shell company set up by his pal Michael Ewers – who was also charged in the scheme that ran from 2010 to 2013.
The diverted cash was made to look like payments for Ewer’s services but actually served as a front, prosecutors said.
Penn, 44, allegedly used the stolen loot for credit card payments, cash withdrawals, luxurious office space, rent for two apartments, jewelry and even a fancy car.
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image: © Kim Alaniz