JOURNAL ARTICLE

Ex-Jefferies Fund Manager Accused of Water Machine Ponzi Scheme.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Randles, Jonathan; Dolmetsch, Chris; Arroyo, Carmen 3 of 3

Abstract

The article focuses on the fraud charges against Jordan Chirico, a former hedge fund manager at Jefferies Financial Group Inc., for allegedly directing the purchase of nearly $100 million in bonds related to a water-vending machine business that purportedly did not exist. Chirico is accused of violating his fiduciary duty by investing in the scheme while being aware of potential conflicts of interest. Alongside Chirico, Ryan Wear, the owner of the business WaterStation Management, has also been charged with fraud for raising over $200 million from investors. The U.S. Securities and Exchange Commission has filed a parallel civil case against both individuals, while Chirico's lawyer claims he is a victim in the situation. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/08, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2025
  • Accession Number:187349203
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