The fall-out from the demise of 777 Partners has resulted in a fire sale of assets by A-CAP, and a potential bail-out by Internazionale Milano owners Oaktree.
By Paul Brown and Philippe Auclair
Steven Pasko, a co-founder of 777 Partners, was once touted as the potential chairman of Everton. He would not pass an Owners’ and Directors’ Test these days.
On April 1, a U.S. court in the Southern District of New York permanently barred Pasko from serving as an officer or director of any public issuer of securities. It will decide on financial penalties and/or any disgorgement of ill-gotten gains at a later date.
Pasko was charged last November by the Securities and Exchange Commission (SEC) with fraudulently raising capital at 777 Partners, misleading investors, and diverting funds for his own personal use.
Criminal charges have not been brought against Pasko by the U.S. Department of Justice (DOJ), which instead indicted Josh Wander and the firm’s former CFO Damien Alfalla for their part in “a scheme to defraud lenders and investors out of more than $500m.”
But the days of any of them ever owni...
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