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Rating:Court Convicts the Con Man Who Cried 'Fidelity' Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 17, 2011

Court Convicts the Con Man Who Cried 'Fidelity'

News summary by MFWire's editors

A man who used fake ties to Fidelity chief Ned Johnson was just convicted in federal court. The Providence Journal's Michael McKinney reports that yesterday, after a 17-hour, three-day jury deliberation, a U.S. District Court found Rocco DeSimone guilty "of money laundering and seven counts of mail fraud" and not guilty of two other mail fraud counts.

DeSimone allegedly duped investors out of more than $6 million in 2006 and 2007 by claiming that, thanks to a made-up connection with Johnson, he knew Fidelity was going to buy a new invention for millions. Yet, the prosecution maintained that DeSimone did not know Johnson nor did he have any insight into such Fidelity plans. 

Edited by: Neil Anderson, Managing Editor


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