From debtor, to deadbeat, to the deficit reduction program
/
gentlemen, start your bidding
With Patriot Bank breathing down his neck in 2006, James Ferraro unloaded 505 North Street, a/k/a 8 Lindsay Drive to a (dot head, not chicken feather) Indian crook. Iftikar Ahmed for $9,625,000. The unfortunate Iftikar soon found himself in the same awkward, albeit deeper troubled financial waters as Ferraro and departed for his country of origin. Now the g’ummint owns the place, and the U.S. Marshalls Service is offering it for sale at $7,150,00. Here’s the most recent former owner’s story as reported in Greenwich Time in 2018:
Fugitive Greenwich financier to pay $64M for embezzlement
A federal judge ordered a Greenwich fugitive to repay $42 million to Oak Investment Partners he was found to have embezzled, approving as well a $21 million penalty and $1.5 million in interest on the moneys owed.
Iftikar Ahmed has been on the lam since May 2015 in his native India, with the Securities & Exchange Commission having obtained a prior judicial order for a freeze on assets valued at the time at $118 million. The U.S. Attorney’s office for the District of Connecticut had also investigated Ahmed, with his arrest in April 2015 on suspicion of insider trading prompting Oak to examine investment deals Ahmed structured on behalf of the firm.
Oak Investment Partners has offices in Greenwich, Norwalk and Palo Alto, Calif., with the firm investing in technology and energy companies. Oak partners include Ed Glassmeyer, who founded the firm in 1978 with Stewart Greenfield; and Ann Lamont, the spouse of Connecticut gubernatorial candidate Ned Lamont, with the couple living in Greenwich.
Ahmed had been charged with presenting Oak’s partners with investment opportunities in overseas businesses then misrepresenting deal terms, whether with regard to the actual value of the companies or exchange rates and pocketing the difference, and altering documents to hide the subterfuge. Ahmed set up bank accounts in the names of the companies he recommended for investments, according to court documents, then shunted moneys into accounts controlled by him and his spouse Shalini.
Well, Harvard
Ahmed is a graduate of the India Institute of Technology who went on to get an MBA from Harvard Business School and worked for Goldman Sachs Group before joining Oak in 2004.
Update from 3 days ago:
Fugitive on the run for 17 years arrested from Croatia
SIALKOT, Feb 18 2025 (APP):A fugitive wanted in dozens of cases including extortion and robbery was arrested from Croatia through Interpol.
According to a police spokesperson, Sialkot police had been looking for Iftikhar Ahmed, wanted in connection with dozens of criminal cases including extortion and robbery. He has been apprehended from Croatia through a coordinated effort involving Interpol. The arrest marks a significant breakthrough in a lengthy investigation, as the individual had been evading authorities for 17 years. A bounty of Rs500,000 (head money) had been announced for his arrest. [Bummer: that’s only around $5,700 in real money — Ed’
