Money Man­ager Gets Up To 18-Years in Prison for $2.4M Scheme

The Jewish Voice - - NEW YORK - By Re­becca Gold

Amoney man­ager from Man­hat­tan re­ceived a prison sen­tence of up to 18-years, for his con­vic­tion of steal­ing over $2.4 mil­lion from in­vestors to sup­port his over the top lifestyle, in­clud­ing an ad­dic­tion to pornog­ra­phy and a lux­ury pent­house apart­ment.

On Tues­day, Oc­to­ber 17, Steven Canady was described by pros­e­cu­tors as a mere ped­dler whose com­pany, Al­liance War­burg Cap­i­tal, was just a front used to trick at least seven vic- tims out of their hard-earned money.

As­sis­tant District At­tor­ney Adam Maltz said that Canady’s scam funded his apart­ment in the Man­darin Ori­en­tal ho­tel, which costs $25,000-a-month, in ad­di­tion to a pricey porn habit and din­ing at ex­pen­sive restau­rants.

In Man­hat­tan Supreme Court, Maltz pushed for up to a 20-year prison sen­tence, say­ing, “The de­fen­dant is a con man and noth­ing more.”

Ac­cord­ing to The Post, “Canady, who falsely claimed to be a Cam­bridge-ed­u­cated doc­tor, told in­vestors he’d bankroll their busi­ness ven­tures in ex­change for an up­front fee. If he was un­able to se­cure loans for their projects, the fee was sup­posed to be re­funded. But Canady sim­ply pock­eted the dough. Fash­ion de­signer Her­nan Lan­der tes­ti­fied at trial that he handed Canady $25,000 as an up­front fee in ex­change for a loan to put on his show at Mercedes-Benz Fash­ion Week in 2014. But Canady failed to fin nce the project and took off with the cash. Al­though he was con­victed in May of a slew of raps, in­clud­ing grand lar­ceny, scheme to de­fraud and forgery, he in­sisted these were sim­ply failed busi­ness ven­tures.”

Canady said, “I’m not a crim­i­nal.”

The ev­i­dence against Canady was said to be “ab­so­lutely over­whelm­ing” by Jus­tice Daniel Con­viser. The judge ac­cused him of “con­tin­u­ing to at­tempt to de­fraud this court even to­day” with his procla­ma­tions of in­no­cence.

Con­viser handed down a prison sen­tence to Canady with a range of six to 18-years in­car­cer­a­tion, which will make him el­i­gi­ble for pa­role in six years

“The de­fen­dant is a con man and noth­ing more.”

Man­hat­tan Supreme Court Jus­tice Daniel Con­viser said the ev­i­dence against Steven Canady was “ab­so­lutely over­whelm­ing.”

Money man­ager Steven Canady was sen­tenced to a prison term rang­ing from six to 18 years.

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