Fake West Point Grad, Firm Face SEC Offering Fraud Allegations

Outdoor Capital Partners LLC and one of its directors raised nearly $11.5 million through two fraudulent offerings to purportedly buy controlling interests in Italian cycling companies, the SEC says in federal court in New Jersey.

Samuel J. Mancini, one of the venture capital and private equity firm’s two managing directors, pitched the investments to graduates of the United States Military Academy by claiming he was also an alumnus, but he was actually “expelled from West Point before graduation for unethical conduct,” according to the Securities and Exchange Commission complaint filed in the U.S. District Court for the District of New ...