Guy de Chimay, a New York hedge-fund manager who claimed ties to the Belgian royal family (of the famed beer brewed by Trappist monks) and was said, in the short-lived show Wall Street Warriors on which he was featured, to be “among the top four or five hedge fund managers in New York,” has been charged by the SEC with using a bridge-loan facility he had set up in order to run a multi-million-dollar Ponzi scheme. “Wall Street takes the brightest people and smashes them into the pavement on a regular basis,” de Chimay, 47, said at one point on the show. In their complaint, that’s pretty much what the SEC does to de Chimay. “The litany of Defendant’s misdeeds is long and varied,” they write, gleefully.
The SEC alleges that there is no evidence that any bridge loans were actually made, and investments were instead used to make mortgage payments on Chimay’s multi-million dollar home in the Hamptons and pay more than $500,000 to the law firm representing Chimay in a divorce proceeding. Investor money also was fraudulently used to pay Chimay’s massive credit card bills as well as Chimay Capital’s rent and payroll, and to pay off disgruntled counterparties in Chimay’s other business ventures. As recently as December 2009, Chimay sought a multi-million dollar bank loan on the basis of false representations that he had $13 million in liquid assets in a Bermuda bank account. The account balance was actually zero.”
Ouch. At least Guy (pronounced “Gee”) was probably prepared for what a bad day today was going to be. “You wake up in the morning with an immediate feeling of dread,” he said on Wall Street Warriors. “And you should, because even if you know what you’re doing, it might be very, very fleeting.”
Ouch. At least Guy (pronounced “Gee”) was probably prepared for what a bad day today was going to be. “You wake up in the morning with an immediate feeling of dread,” he said on Wall Street Warriors. “And you should, because even if you know what you’re doing, it might be very, very fleeting.”
SEC Complaint [PDF]
