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Infinity Q Management Founder asks to withdraw plea of Guilty for fraud

2023.03.27 13:11

Infinity Q Management Founder asks to withdraw plea of Guilty for fraud
Infinity Q Management Founder asks to withdraw plea of Guilty for fraud

Infinity Q Management Founder asks to withdraw plea of Guilty for fraud

By Kristina Sobol  

Budrigannews.com – Before his sentencing next week, the New York company’s founder asked to withdraw his guilty plea, claiming that he did not lie to investors. At one point, the company claimed to manage $3 billion.

In court papers filed late Friday, James Velissaris, who pleaded guilty to securities fraud in November, claimed he was innocent because his company had informed investors that it might value assets differently than an independent pricing service it used.

Velissaris claimed he had committed fraud at his plea hearing by concealing from investors that he had altered the valuations.

Additionally, Velissaris stated that at the time, he had “felt hopeless and overwhelmed by pressure from both prosecutors and his prior counsel to accept a plea deal” and that he suffers from mental illness.

The U.S. Attorney’s Office for the Southern District of New York’s spokesperson declined to provide any additional information. The lawyers who represent Velissaris now and in the past did not immediately respond to requests for comment.

On April 7, Velissaris will be given a sentence by U.S. District Judge Denise Cote.

According to the prosecution, Velissaris lied to investors and regulators by promising to accurately value over-the-counter derivative positions, which made up a large portion of a mutual fund and hedge fund that he managed and claimed to have $3 billion in assets.

Velissaris rather mismarked numerous possessions, at times blowing up their qualities to “incomprehensible” levels, and covered the mismarking from evaluators by misrepresenting term sheets, investigators said.

They claimed that the scheme’s objective was to retain investors and raise management fees.

U.S. v. Velissaris, United States District Court, Southern District of New York, No. 22-00105.

Infinity Q Management Founder asks to withdraw plea of Guilty for fraud

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