Hedgie Greg Imbruce under Investigation by CT Banking Commision

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.

I’ve reported on Imbruce troubles with lawsuits before here. He is an active sailor on the Connecticut Sound race scene and a member of the Stamford Yacht Club.

Arrested New Stream Executive Bart Gutekunst

Arrested New Stream Executive Bart Gutekunst


Greg Imbruce of ASYM

Greg Imbruce of ASYM

Editor’s Note: You can see some of the deal docs on the busted SPAC deal by Imbruce and New Stream here and here.

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Comments

  1. New Stream Investor says:

    Good reporting Teri – I am a New Stream investor and wasn’t aware of this deal. Your story at Growth Capitalist was well written and researched. Thanks for getting the news out there.

  2. Can I ask a question about how you and your fellow bloggers and journalists operate. Are you a journalist? Or a blogger? Or is there a difference? And if so what is the difference…..?

    My question is this… What is your policy when someone like Mr. Imbruce, or Mr. Jennings, or any number of other people who you and your website or other websites like the Stamford Advocate blast.. Are acquitted, cases dismissed, or their records completely expunged. Now I am not saying that anyone is completely innocent, or guilty for that matter. It just seems that because of the Internet there are negative stories that can stay up forever … Long after legally they have been 100% cleared. Do you follow up with every story to discover what the state’s legal decision has been? Do you then delete your article or take out their name?.. Seems like no one ever does and it is something that all of you journalists buddies don’t do. People’s legal records are expunged, often cases totally dismissed, or judges absolve them of any wrong doing… And yet the articles remain making it impossible for them to pass background checks and get jobs. Their families and friends are subject to the constant humiliation of it all and yet you never take articles down.

    It is clear the in the eyes of bloggers, journalists, newspaper editors, and owners like Hearst the Freedom of the Press and Freedom of Information far outweigh a person’s freedom to have a life again, to pursue and secure employment, to support their family, and to put the pieces of their life back together and move on.

    Maybe it is time that journalists start to take a new tactic… Follow up on stories… Tie it off and give people the chance to move on if the legal system has said they can go ahead and do so. I

    • Teri Buhl says:

      Those are fair questions. I am a professionally trained journalist. I report original news, source , document it, fact check it, and when I can call the person for comment. I do that here and the trade publications I am paid to report for. Bloggers are often columnist who write opinion on news journalist have reported. They sometimes have an editor and sometimes they don’t. I’ve found a lot don’t fact check the story they are following or call for comment often. But the line is become more and more blurred these days. I never consider my self a blogger.

      I agree we should finish the story. Jennings story was finished and reported here and I think I exposed some real problems in the state’s case against him and misconduct by the Darien police in how they prepared the request for Warrant report. Imbruce is still in current litigation with his investors and is under investigation with the banking commission still. If the suit is dropped and the investigation finished I will report on it as long as I can confirm that.

      If you get arrested or sued that is a news event. Even if you get off it’s still a news event that happen and is fair to report. There is not a reason for an arrest story to come down. I’ve experience it myself. But if the arrest leads to a not guilty ruling or an appeal I do think it’s important for reporters to follow up on that. Which I usually do – if I can confirm it.

      Is there a story you have in mind that you think I didn’t follow up on? If I wrote the story for one of the many publications I am paid to write for I can’t force them to print a a new story but I could do that here and would or at least update the original story.

      I think metro reporters need to follow up on all the arrest stories they write about because that’s always just the view of the cops and a lot of the info in a warrant report is proved wrong latter. Initial arrest reports also don’t give the defendant a chance to comment in a story so you can end up with a one sided report.

      I’m not a metro/courts reporter. I cover arrests on this news publication if it has to do with a person in finance or an issue in New Canaan/ Fairfield County that I think isn’t being reported right.

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