A New Canaan, Conn. man who owns a hedge fund called ASYM Energy is being investigated by Connecticut regulators. I reported at Growth Capitalist yesterday, Greg Imbruce allegedly offered a New Stream Capital founder a kickback if he sold oil and gas assets to Imbruce at a discounted price while New Stream was in bankruptcy. The deal involved a SPAC sponsored by Greg Sachs of Sachs Capital Group that was never finalized. Imbruce is currently facing an investor fraud suit filed by high-finance men who live in New Canaan and Texas. The Connecticut Banking Commission is also investigating Imbruce for misleading his investors about the lack of his own money invested in the fund and other possible violations.
I previously reported at Growth Capitalist on the New Stream founders arrest for 19 counts of Securities and Wire fraud. Bart Gutekunst, of Weston Conn. was the New Stream executive named in the report for being offered a kickback. Gutekunst, through his attorney, denied being offered a kickback but Imbruce was mum about it. Imbruce attorney Rick Slavin, of Cohen and Wolf, even admitted to the Banking Commission investigation when I interviewed him last week and said “How can you report that it’s confidential”. Welcome to the world of whistleblowers Slavin.
I wrote at Growth Capitalist:
According to a person who worked at ASYM, Imbruce offered Bart Gutekunst, co-founder of New Stream, a kickback of around $1 million if he got the price lowered. Accepting a kickback for a lower price for the oil and gas assets could have been a breach of fiduciary duty since Gutekunst was in charge of getting the best price possible for creditors of his hedge fund’s bankruptcy.
There is a lot great detail in the Growth Capitalist story describing how Imbruce appears to attempt to inflate assets that would have rolled into the SPAC to make it look like a higher valuation to the investing public. There are a bunch of well known hedge funds invested in the SPAC like Bulldog Investors, AQR and Pine River Capital. Luckily the hedge fund running the SPAC shied away from Imbruce after the initial due diligence inspection. They found his FINRA violations while working for Madoff Energy that he apparently never likes to tell anyone about.