Ron Burkle's Business Partner Arrested on Fraud Charges --->

[Stephanie]

Bill Clinton's business partner, Ron Burkle, gets scammed by his business partner, Raffaello Follieri.

http://www.cnn.com/2008/US/06/24/follieri.arrested.ap/index.html?section=cnn_latest

Hathaway's ex arrested on fraud charges

NEW YORK (AP) -- An Italian businessman who once dated actress Anne Hathaway was arrested Tuesday on charges he posed as a representative of the Vatican to fleece wealthy investors in a real estate company that sought to buy and redevelop Roman Catholic Church property.

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Brodsky had asked Pitman to deny bail, saying Follieri had the money, the connections and the incentive to flee charges that could send him to prison for up to nine years if he is convicted. He said Follieri lost between $2.5 million and $6 million of investor money.

Pitman said Follieri must secure bail with $16 million in cash or property and must endure home detention, except for legal meetings, medical treatment or religious services.

The complaint filed in U.S. District Court in Manhattan alleges that Follieri duped a partner into investing millions of dollars in a real estate scheme to buy properties at bargain prices from the Catholic church in the United States and redevelop them.

The partner, a private equity firm in California, was not identified in court papers. However, a division of supermarket billionaire Ron Burkle's Yucaipa Cos. has settled lawsuits accusing Follieri of misappropriating more than $1 million to support a fancy lifestyle.

Follieri was charged with a dozen counts of wire fraud conspiracy, wire fraud and money laundering.

[blogslut]

1. I didn't know he was doing biz with Burkle

Whuh woah.

[Stephanie]

3. Yeah, they're only talking about Ann Hathaway

Burkle's buried way down in the story.

[Max_powers94]

2. this why Clinton need to stay far away from BO

[Stephanie]

4. Burkle is a dubious character himself.

But it sounds like he got ripped off by this guy.