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NYC man charged in $1M fraud after Colombia arrest

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January 22, 2014 10:47 AM EST | AP


NEW YORK (AP) — A New York City hedge fund manager has been charged in a $1 million fraud after being arrested in Colombia. Prosecutors say he got money from friends to start a new business and used it instead to pay rent, restaurant tabs and other personal expenses.

Bryan Caisse pleaded not guilty Tuesday to grand larceny and other charges in Manhattan.

The Manhattan district attorney's office says the 50-year-old Caisse fled the country after authorities searched his apartment in October. He was arrested Saturday at an airport in Bogota, Colombia.

Defense lawyer Bradley Simon says Caisse was in Columbia to consult on a resort project, not to avoid authorities.

Simon says the sums in question were loans. He says Caisse has been working to repay them after his business hit shoals.