ladyram Posted October 18, 2012 Share Posted October 18, 2012 - but dont worry it wont affect the club [url=http://www.thisisderbyshire.co.uk/Derby-County-investor-Jeffrey-Martinovich-facing/story-17108160-detail/story.html]http://www.thisisder...tail/story.html ONE of the American businessmen who helped finance the takeover of Derby County could face a total jail sentence of more than 500 years if found guilty of multiple charges of fraud by a US court. Jeffrey Martinovich has been charged with 26 counts of fraud. http://www.thisisderbyshire.co.uk/images/localpeople/ugc-images/275778/Article/images/17108160/4228624 Jeff Martinovich Each count carries a 20-year jail sentence. Martinovich was one of four American investors who gave financial backing to the takeover of the Rams in January, 2008, by General Sports and Entertainment. The 46-year-old managed a now defunct investment fund called MICG, which paid $5 million for 50,000 shares in General Sports Derby, the firm set up to run the club. It is understood that the deal gave him a less than 10% stake in Derby County. In February 2011 he filed for bankruptcy. Before then, Virginia-based Martinovich was banned from managing investments by US financial services regulator FINRA. Now, the US Attorney's Office for the Eastern District of Virginia has confirmed that Martinovich has been arrested and appeared before a federal court, where he was charged with multiple counts of fraud relating to investments with a solar energy company. They include charges of "mail fraud, wire fraud, bankruptcy fraud and unlawful monetary transactions". Yesterday, Derby County said that the legal action against Martinovich would have no impact on the running of the club. The Rams said they stood by a statement they released last year when Martinovich filed for bankruptcy. At the time, the club said: "He is not a director, has never been a director and does not have – and has never had – an impact on the running of the football club." Derby County added that although, as a company, MICG once had a small shareholding in the club, Martinovich was not a shareholder as an individual. In a statement issued by the Attorney's Office, it said Martinovich had been indicted by a federal grand jury over alleged fraud involving his mismanagement of a MICG hedge fund. According to the indictment, in 2007, a year before he became involved with the Derby County takeover, Martinovich started three hedge funds through MICG and began seeking investments. Acting on behalf of MICG, Martinovich bought about two million shares of a privately-traded solar energy company for the MICG Venture Strategies hedge fund. At the end of each calendar year, in order to calculate the management and incentive fees he had earned as hedge fund manager, Martinovich needed to obtain an estimate of the value of the solar company shares held by MICG Venture Strategies. Because the solar company was not publicly traded, MICG was required to seek an independent, external, valuation of the company's worth when calculating the management and incentive fees to be paid. In the statement issued by the US Attorney's Office, it said: "The indictment alleges that in both 2007 and 2008, rather than seek this independent valuation, Martinovich fraudulently inflated the value of the solar company to falsely indicate an increase in the overall value of the hedge fund. "Martinovich then allegedly used this fraudulent, unsupported, and inflated value of the solar company to convince new investors to invest in Venture Strategies, as well as to pay himself greater fees. "The solar company eventually declared bankruptcy, resulting in serious financial problems for many Venture Strategies investors." Link to comment Share on other sites More sharing options...
uttoxram75 Posted October 18, 2012 Share Posted October 18, 2012 500 years my arse. Be surprised if he serves half that.......................... Link to comment Share on other sites More sharing options...
mozza Posted October 18, 2012 Share Posted October 18, 2012 500 years my arse. Be surprised if he serves half that.......................... anagram of years..arsey Link to comment Share on other sites More sharing options...
Alph Posted October 18, 2012 Share Posted October 18, 2012 By the time he gets out in 500 years he'll have an arse like a wizards sleeve. Link to comment Share on other sites More sharing options...
Ambitious Posted October 18, 2012 Share Posted October 18, 2012 500 years? A bit harsh for saying he hasn't gone on a mass murdering spree... 100 years is ample! Link to comment Share on other sites More sharing options...
uttoxram75 Posted October 18, 2012 Share Posted October 18, 2012 By the time he gets out in 500 years he'll have an arse like a wizards sleeve. ...or a clowns pocket...... Link to comment Share on other sites More sharing options...
HenryKrinkle Posted October 19, 2012 Share Posted October 19, 2012 200 years will do. Should be rehabilitated by then Link to comment Share on other sites More sharing options...
uttoxram75 Posted October 19, 2012 Share Posted October 19, 2012 We'll probably have lost a game to forest by the time he gets out... Link to comment Share on other sites More sharing options...
Shake n Bake Posted October 19, 2012 Share Posted October 19, 2012 We'll probably have lost a game to forest by the time he gets out... What a ridiculous statement! Link to comment Share on other sites More sharing options...
Alph Posted October 19, 2012 Share Posted October 19, 2012 ...or a clowns pocket...... Or, or, or...... a magicians hat? Link to comment Share on other sites More sharing options...
nfb Posted October 19, 2012 Share Posted October 19, 2012 Or, or, or...... a magicians hat? Or or or a tardis.. Link to comment Share on other sites More sharing options...
Alph Posted October 19, 2012 Share Posted October 19, 2012 Or..... Mary Poppins handbag. (I'm running low) Link to comment Share on other sites More sharing options...
ladyram Posted October 19, 2012 Share Posted October 19, 2012 Or..... Mary Poppins handbag. (I'm running low) Duh duhhhh Tisn't a handbag, it's a carpet bag 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/tongue' class='bbc_emoticon' alt=':P' /> Link to comment Share on other sites More sharing options...
Alph Posted October 19, 2012 Share Posted October 19, 2012 Duh duhhhh Tisn't a handbag, it's a carpet bag 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/tongue' class='bbc_emoticon' alt=':P' /> I had to google carpet bag. Link to comment Share on other sites More sharing options...
Cisse Posted October 19, 2012 Share Posted October 19, 2012 Yanks out ! 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/biggrin' class='bbc_emoticon' alt=':D' /> Link to comment Share on other sites More sharing options...
BOB BIGGS Posted October 19, 2012 Share Posted October 19, 2012 We'll probably have lost a game to forest by the time he gets out... Clough out! Poor planning 'http://www.dcfcfans.co.uk/public/style_emoticons/<#EMO_DIR#>/smile' class='bbc_emoticon' alt=':)' /> Link to comment Share on other sites More sharing options...
-JW- Posted October 19, 2012 Share Posted October 19, 2012 It's Doyles fault Link to comment Share on other sites More sharing options...
Mary Hindge Posted October 19, 2012 Share Posted October 19, 2012 He hasn't killed anyone perhaps 182,621 days community service will suffice. Link to comment Share on other sites More sharing options...
rammieib Posted October 19, 2012 Share Posted October 19, 2012 When he is out, Clough will still be manager and we'll still be in the Championship! Link to comment Share on other sites More sharing options...
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