New York (HedgeCo.net) – A suspect in an investigation into German hedge fund firm K1 Group has allegedly committed suicide while being arrested by police in Spain, Bloomberg reported today.
The hedge fund manager, Dieter Frerichs, 72, shot himself after jumping into the sea during a raid on his house on July 3rd, according to the prosecutors in the case.
Bloomberg reports that the hedge fund, K1 Group, was at the center of an international criminal probe after saddling banks including Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA with losses. The German prosecutors said they expect the total damage incurred by an alleged deception scheme to be more than 300 million euros ($376 million).
Frerichs had been arrested in April and was conditionally released until a second arrest order came through in May, the police spokeswoman said, according to Bloomberg. The agents involved were reported to be unable to comment on the situation.
Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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