FERRARI N.V.

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Florida private equity manager gets 8 years prison in New York for defrauding banks

05/13/2022 | 04:53pm EDT

NEW YORK (Reuters) - A Florida man who masterminded a "brazen, sophisticated" scheme to defraud banks into providing about $134 million of loans for his private equity fund was sentenced on Friday to eight years and one month in prison, federal prosecutors in Manhattan said.

Elliot Smerling, 53, of Lake Worth, Florida, had pleaded guilty in February to bank fraud and securities fraud.

Prosecutors said Smerling forged subscription agreements, audit letters and bank account statements to obtain loans from Silicon Valley Bank and Citizens Bank, while renting office space and hiring staff to create a "front" and made his JES Global Capital funds appear legitimate.

Smerling instead used loan proceeds "to play the role of a successful financier," with a lifestyle featuring multiple homes and luxury cars including a Ferrari, even as he lost at least $40 million through day trading, prosecutors said.

U.S. District Judge Denise Cote in Manhattan imposed Smerling's sentence, which was at the low end of the 97- to 121-month term recommended under federal guidelines. Smerling's plea agreement requires him to forfeit $134 million.

"Elliot Smerling previously admitted to securing funding for his private equity fund by submitting a constellation of fraudulent documents and assurances to lenders," U.S. Attorney Damian Williams in Manhattan said in a statement. "Smerling has now fittingly been sentenced."

David Kubiliun, a lawyer for Smerling, declined to comment.

In a court filing, Smerling's lawyers said their client, a married father of two girls, apologized to the banks and government, and accepted responsibility for allowing "greed and ambition to overcome his values and moral upbringing."

The case is U.S. v Smerling, U.S. District Court, Southern District of New York, No. 21-cr-00317.

(Reporting by Jonathan Stempel in New York; Editing by Alistair Bell)

By Jonathan Stempel


© Reuters 2022
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Financials
Sales 2022 4 799 M 4 992 M 4 992 M
Net income 2022 888 M 924 M 924 M
Net Debt 2022 1 218 M 1 267 M 1 267 M
P/E ratio 2022 37,2x
Yield 2022 0,76%
Capitalization 33 040 M 34 366 M 34 366 M
EV / Sales 2022 7,14x
EV / Sales 2023 6,30x
Nbr of Employees 4 632
Free-Float 48,4%
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Last Close Price 180,69 €
Average target price 224,62 €
Spread / Average Target 24,3%
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Benedetto Vigna Chief Executive Officer & Executive Director
Antonio Picca Piccon Chief Financial Officer
John Jacob Philip Elkann Executive Chairman
Davide Abate Chief Technology & Infrastructures Officer
Ernesto Lasalandra Chief Research & Development Officer
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