Found This Funny

[gprsh924]

The past few years, I caddied for a guy quite a bit. He was one of the best loops in the club. He was funny, easygoing, generally nice, and more importantly, paid very very well. Well now I figured out why. He was diverting investor funds for personal use. The guy I caddied for was Jason Hyatt. The worst part is, I was hoping to use him as a reference and possibly talk to him about an internship. Well, not anymore.

http://www.chicagotribune.com/business/chi-sat-sec-apr26,0,4933581.story

The Securities & Exchange Commission said Friday that two suburban Chicago men have been accused of misappropriating at least $5.4 million in investor funds for personal use and the start-up costs of a Latin-themed restaurant in Chicago called De La Costa.

In addition, a federal judge has temporarily frozen the assets of Jason Hyatt, 34, of St. Charles, and the company he co-founded, Hyatt Johnson Capital LLC. Hyatt and his partner, Jay Johnson, 48, of Downers Grove, each face six counts of violating federal securities laws.

The civil charges against the men stem from SEC litigation against a Chicago aircraft leasing company accused of defrauding its investors. In August, the SEC alleged that BCI Aircraft Leasing Inc. and its owner, Brian Hollnagel, failed to use investor funds to purchase aircraft as promised, diverted funds for personal use and used some investors' money to make payments to others. The agency described BCI, which had raised $82 million between 1999 and 2006, as a "massive Ponzi scheme."

Hyatt worked for BCI from at least 2001 until 2003 as its director of corporate finance, the SEC said. Afterward, Hyatt and Johnson began soliciting investors to help BCI purchase commercial aircraft leased to airlines. At one point, BCI owned about 90 planes.

Between 2003 and 2007, Hyatt and Johnson raised at least $22.5 million from about 120 investors, according to the complaint filed April 18.

In the case against BCI, Hyatt and Johnson each refused to answer SEC questions about their activities with the leasing firm, repeatedly invoking their 5th Amendment right against self-incrimination. But the judge in that case allowed the SEC to obtain Hyatt Johnson's financial records, resulting in separate charges.

The complaint claims Hyatt used about $1.6 million in investor funds to purchase several vehicles, including a Maserati and a Hummer, make mortgage payments and buy $155,000 worth of art and antiques.

Also, Hyatt allegedly used $2 million to invest in the restaurant, located on Illinois Street. According to the complaint, Johnson participated in a scheme to cover up the diversion. Johnson did not personally use any of the investor funds, said Peter Chan, assistant regional director of the SEC's Chicago office.

Johnson's attorney, Mark Rotert, said the suit's portrayal of his client's conduct is "factually incorrect in many significant respects." He declined to comment further.

Hyatt's St. Charles phone number is unlisted and he could not be reached for comment. A call to his attorney, Thomas Leinenweber, was not returned.

[Jims5543]

Yup, he is a dead end now.

Although dirtbags tend to rise from the ashes and steal more money from stupid trusting people (like me) so do not be surprised to see him playing rounds still.

[gprsh924]

I personally have been paid at least $500-$600 from the guy and between me and my 3 best friends, he's paid us a couple thousand in total, so it is extremely likely that we received some of those stolen funds.

Also, his Maserati is a Quattraporte and it is such a sick car. His Hummer is on 22's and he also had a chipped CL600. Oh, and pretty hot wife that I also caddied for.

[Danny_Ocean]

Originally Posted by gprsh924

Oh, and pretty hot wife that I also caddied for.

Sumthin' tells me she'll be available soon...

[gprsh924]

The official SEC writeup

http://www.sec.gov/litigation/litreleases/2008/lr20540.htm

[red-beard]

Well, you might still use him as a reference, as long as he's not in jail. I'm mean, do companies do background checks on your references? Just because he's indicted, doesn't mean he's guilty.