New York (HedgeCo.net) – New York hedge fund manager, Guy Albert de Chimay, who was arrested in North Carolina and charged with securities fraud this June has been accused of stealing an additional $690,000, according to Bloomberg.

The New York state Supreme Court in Manhattan set bail at $1 million on the new charges, Chimay also received $1 million bail on his previous charges.

Chimay, who claimed he was directly related to Belgian royalty (of the Chimay brewed by Trappist monks) was accused of stealing $6 million from high net worth and institutional investors. He 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.

The SEC said in back in June of this year that the 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.

In 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.

“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.” The SEC said.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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