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'''Gregory Joshua Blotnick''' (born November 12, 1986) is an American hedge fund manager, author, and convicted felon. He is the founder and portfolio manager of Brattle Street Capital, a long/short equity hedge fund based in New York. Blotnick launched the fund in 2019 after leaving ].<ref name=":0">{{Cite web |last=Musgrave |first=Jane |title=WPB hedge fund manager headed to prison over $6.8M Paycheck Protection Program fraud |url=https://www.palmbeachpost.com/story/news/courts/2022/06/11/paycheck-protection-program-fraud-sending-hedge-fund-manager-prison/7570142001/ |access-date=2024-12-05 |website=The Palm Beach Post |language=en-US}}</ref><ref name=":3">{{Cite web |last=Shazar |first=Jon |date=2022-06-08 |title=Ex-Citadel COVID Scammer’s Lockdown Extended By Four Years |url=https://dealbreaker.com/2022/06/blotnick-sentenced |access-date=2024-12-05 |website=Dealbreaker |language=en-us}}</ref><ref>{{Cite web |title=Citadel Alum Greg Blotnick Launches Brattle Street Capital {{!}} Hedge Fund News From HedgeCo.Net |url=https://www.hedgeco.net/news/07/2019/citadel-alum-greg-blotnick-launches-brattle-street-capital.html |access-date=2024-12-05 |language=en-US}}</ref> '''Gregory Joshua Blotnick''' (born November 12, 1986) is an American ] manager and author. He is the founder and portfolio manager of Brattle Street Capital, a long/short equity hedge fund based in New York. In 2021, he pled guilty to wire fraud and money laundering charges associated with claiming ] loans.<ref name=":0">{{Cite web |last=Musgrave |first=Jane |title=WPB hedge fund manager headed to prison over $6.8M Paycheck Protection Program fraud |url=https://www.palmbeachpost.com/story/news/courts/2022/06/11/paycheck-protection-program-fraud-sending-hedge-fund-manager-prison/7570142001/ |access-date=2024-12-05 |website=The Palm Beach Post |language=en-US}}</ref><ref name=":3">{{Cite web |last=Shazar |first=Jon |date=2022-06-08 |title=Ex-Citadel COVID Scammer's Lockdown Extended By Four Years |url=https://dealbreaker.com/2022/06/blotnick-sentenced |access-date=2024-12-05 |website=Dealbreaker |language=en-us}}</ref><ref>{{Cite web |title=Citadel Alum Greg Blotnick Launches Brattle Street Capital {{!}} Hedge Fund News From HedgeCo.Net |url=https://www.hedgeco.net/news/07/2019/citadel-alum-greg-blotnick-launches-brattle-street-capital.html |access-date=2024-12-05 |language=en-US}}</ref>


⚫ In June 2022, Blotnick pleaded guilty in federal court to one count of ] and one count of ] (], ]). He was sentenced to 51 months in prison for his role in a scheme to fraudulently obtain federal ] (PPP) loans totaling over $6.8 million.<ref name=":2">{{Cite web |date=2022-06-07 |title=District of New Jersey {{!}} New York And Florida Resident Sentenced To 51 Months In Prison For $6.8 Million Paycheck Protection Program Fraud Scheme {{!}} United States Department of Justice |url=https://www.justice.gov/usao-nj/pr/new-york-and-florida-resident-sentenced-51-months-prison-68-million-paycheck-protection |access-date=2024-12-05 |website=www.justice.gov |language=en}}</ref><ref name=":4">{{Cite web |date=2022-06-09 |title=D.A. Bragg: Gregory Blotnick Sentenced to 1 to 3 Years for Multimillion-Dollar "PPP" Loan Scam and Securities Fraud |url=https://manhattanda.org/d-a-bragg-gregory-blotnick-sentenced-to-1-to-3-years-for-multimillion-dollar-ppp-loan-scam-and-securities-fraud/ |access-date=2024-12-05 |website=Manhattan District Attorney's Office |language=en}}</ref><ref>{{Cite web |date=2022-06-08 |title=Former-Citadel analyst sentenced to four years in jail over hedge fund Covid scam - Hedgeweek |url=https://www.hedgeweek.com/former-citadel-analyst-sentenced-four-years-jail-over-hedge-fund-covid-scam/ |access-date=2024-12-05 |language=en-GB}}</ref><ref>{{Cite web |last=Musgrave |first=Jane |title=WPB hedge fund manager headed to prison over $6.8M Paycheck Protection Program fraud |url=https://www.palmbeachpost.com/story/news/courts/2022/06/11/paycheck-protection-program-fraud-sending-hedge-fund-manager-prison/7570142001/ |access-date=2024-12-05 |website=The Palm Beach Post |language=en-US}}</ref> In November 2024, he was released early from ].
⚫ Blotnick has written for ''],<ref>{{Cite web |title=Greg Blotnick - Gregory Blotnick |url=https://www.forbes.com/sites/gregoryblotnick/ |access-date=2024-12-05 |website=Forbes |language=en}}</ref> ],<ref>{{Cite web |title=Greg Blotnick |url=https://fortune.com/author/greg-blotnick/ |access-date=2024-12-05 |website=Fortune |language=en}}</ref> the ],<ref>{{Cite web |date=2017-02-28 |title=Top Five Articles from February: Buffett, Bernanke, and the Trials of Decision Making |url=https://blogs.cfainstitute.org/investor/2017/02/28/top-five-articles-from-february-buffett-bernanke-and-the-trials-of-decision-making/ |access-date=2024-12-05 |website=CFA Institute Enterprising Investor |language=en-US}}</ref><ref>{{Cite web |title=Gauging Market Sentiment: Selling Greed Is Harder Than Buying Fear |url=https://seekingalpha.com/article/4047699-gauging-market-sentiment-selling-greed-is-harder-buying-fear |website=Seeking Alpha}}</ref><ref>{{Cite web |date=2017-02-24 |title=Weekend Reads: The Call of the Void |url=https://blogs.cfainstitute.org/investor/2017/02/24/weekend-reads-the-call-of-the-void/ |access-date=2024-12-05 |website=CFA Institute Enterprising Investor |language=en-US}}</ref> ].<ref>{{Cite web |title=Articles by Greg Blotnick, CFA {{!}} KIPLINGER |url=https://www.kiplinger.com/author/greg-blotnick-cfa |access-date=2024-12-05 |website=Kiplinger.com |language=en}}</ref> ],<ref name=":1">{{Cite web |title=Greg Blotnick - Biography |url=https://www.newsmax.com/finance/blogs/gregblotnick/bio-430/ |website=Newsmax}}</ref> ValueWalk,<ref>{{Cite web |last=Blotnick |first=Greg |date=2016-10-20 |title=Short Selling In A Bull Market - Common Mistakes In Security Selection |url=https://www.valuewalk.com/short-selling-bull-market/ |access-date=2024-12-05 |website=ValueWalk |language=en-US}}</ref> ],<ref>{{Cite web |title=Investors are dumping hedge funds just when they’re needed most |url=https://www.marketwatch.com/story/investors-are-dumping-hedge-funds-just-when-theyre-needed-most-2017-02-02 |website=MarketWatch}}</ref><ref>{{Cite web |title=As the ‘Trump trade’ fades, technology and consumer stocks are revealed as bargains |url=https://www.marketwatch.com/story/as-the-trump-trade-fades-technology-and-consumer-stocks-are-revealed-as-bargains-2017-02-09 |website=MarketWatch}}</ref>'' and ''Financial Sense''.<ref>{{Cite web |title=Greg Blotnick CFA's Blog |url=https://www.financialsense.com/blogs/5887/greg-blotnick-cfas-blog |access-date=2024-12-05 |website=Financial Sense |language=en}}</ref> His Twitter account (@brattlestcap) was recognized as a “must-follow” by ''Business Insider'' and ''Forbes''.<ref>{{Cite web |title=The 129 finance people you have to follow on Twitter |url=https://www.businessinsider.com/117-finance-people-to-follow-on-twitter-2014-9 |access-date=2024-12-05 |website=Business Insider |language=en-US}}</ref><ref>{{Cite web |last=Guppta |first=Kavi |title=Seven Twitter Profiles That Have Something Important To Say |url=https://www.forbes.com/sites/kaviguppta/2015/11/14/seven-twitter-profiles-that-have-something-important-to-say/ |access-date=2024-12-05 |website=Forbes |language=en}}</ref> Blotnick holds an MBA from ], and a B.S. in Finance from ]. He is also a ].

⚫ In June 2022, Blotnick pleaded guilty in federal court to one count of ] and one count of ] (], ]). He was sentenced to 51 months in prison for his role in a scheme to fraudulently obtain federal ] (PPP) loans totaling over $6.8 million.<ref name=":2">{{Cite web |date=2022-06-07 |title=District of New Jersey {{!}} New York And Florida Resident Sentenced To 51 Months In Prison For $6.8 Million Paycheck Protection Program Fraud Scheme {{!}} United States Department of Justice |url=https://www.justice.gov/usao-nj/pr/new-york-and-florida-resident-sentenced-51-months-prison-68-million-paycheck-protection |access-date=2024-12-05 |website=www.justice.gov |language=en}}</ref><ref name=":4">{{Cite web |date=2022-06-09 |title=D.A. Bragg: Gregory Blotnick Sentenced to 1 to 3 Years for Multimillion-Dollar “PPP” Loan Scam and Securities Fraud |url=https://manhattanda.org/d-a-bragg-gregory-blotnick-sentenced-to-1-to-3-years-for-multimillion-dollar-ppp-loan-scam-and-securities-fraud/ |access-date=2024-12-05 |website=Manhattan District Attorney's Office |language=en}}</ref><ref name=":5">{{Cite web |last=Hutcheon |first=Peter D. |date=2023-02-06 |title=Even-handed Thievery: SEC Sanctions Unregistered Investment Adviser for Fraudulent: I) Investment Advice, AND II) Filings for PPP Loans |url=https://norrismclaughlin.com/blb/anti-trust-trade-regulations/even-handed-thievery-sec-sanctions-unregistered-investment-adviser-for-fraudulent-i-investment-advice-and-ii-filings-for-ppp-loans/ |access-date=2024-12-05 |website=Biz Law Blog |language=en-US}}</ref><ref>{{Cite web |date=2022-06-08 |title=Former-Citadel analyst sentenced to four years in jail over hedge fund Covid scam - Hedgeweek |url=https://www.hedgeweek.com/former-citadel-analyst-sentenced-four-years-jail-over-hedge-fund-covid-scam/ |access-date=2024-12-05 |language=en-GB}}</ref><ref>{{Cite web |last=Musgrave |first=Jane |title=WPB hedge fund manager headed to prison over $6.8M Paycheck Protection Program fraud |url=https://www.palmbeachpost.com/story/news/courts/2022/06/11/paycheck-protection-program-fraud-sending-hedge-fund-manager-prison/7570142001/ |access-date=2024-12-05 |website=The Palm Beach Post |language=en-US}}</ref> In November 2024, he was released early from ].


== Early life and education == == Early life and education ==
Blotnick was born in 1986 in ], the son of ], an author and PhD in cell biology from ]. Blotnick grew up in Cambridge, Massachusetts, and graduated from ] in 2005. He earned a Bachelor of Science degree in Finance from ] in 2009 and became a ] in 2012. He completed an MBA at ] in 2014.<ref name=":1" /> Blotnick was born in 1986 in ], the son of ], an author and PhD in cell biology from ]. Blotnick grew up in Cambridge, Massachusetts, and graduated from ] in 2005. He earned a Bachelor of Science degree in Finance from ] in 2009 and became a ] in 2012. He completed an MBA at ] in 2014.<ref name=":1">{{Cite web |title=Greg Blotnick - Biography |url=https://www.newsmax.com/finance/blogs/gregblotnick/bio-430/ |website=Newsmax}}</ref>


== Career == == Career ==
After graduating Lehigh University in 2009, Blotnick was hired as an analyst at Doubloon Capital, a hedge fund founded by Tom Hudson of ]. He later joined ]’s Exis Capital before pursuing an MBA at Columbia Business School. In 2017, ] hired Blotnick as a Consumer/Retail sector specialist, where he was part of a five-person team managing over $1 billion in gross market value. In 2019, he founded Brattle Street Capital after departing from ].<ref name=":0" /> In 2017, ] hired Blotnick as a Consumer/Retail sector specialist. In 2019, he founded Brattle Street Capital after departing from ].<ref name=":0" />


Brattle Street was a New York-based ] that focuses on opportunities within the consumer/retail sector, particularly amidst small- and mid-cap equities that are too illiquid for larger hedge funds to consider actionable. "Managers at large market-neutral firms are unable to adjust portfolios dynamically due to a wide variety of constraints and mandate restrictions," Blotnick stated. "Our fund is designed to capitalize on the inefficiencies that result from these constraints, while also broadening our time horizon beyond the typical months-long window that our competitors are forced to operate under." Brattle Street planned to cap its strategy at approximately $250 million in order to stay nimble and focus on outperformance. By keeping the fund on the small side and with a mandate to hold on to positions if warranted, Brattle Street was designed to appeal to investors that want an uncorrelated source of return. "We're focused on working with investors with a patient capital base - primarily family offices and high net worth investors - who understand the nature of the strategy and have a time horizon that can support it," Blotnick said.<ref>{{Cite web |last=Knab |first=Matthias |title=Citadel alum Greg Blotnick launches Brattle Street Capital - Opalesque |url=https://www.opalesque.com/674603/Citadel_alum_Greg_Blotnick_launches_Brattle_Street_Capital460.html |access-date=2024-12-05 |website=www.opalesque.com}}</ref> Brattle Street was a New York-based ] that focuses on opportunities within the consumer/retail sector, particularly amidst small- and mid-cap equities that are too illiquid for larger hedge funds to consider actionable. "Managers at large market-neutral firms are unable to adjust portfolios dynamically due to a wide variety of constraints and mandate restrictions," Blotnick stated. "Our fund is designed to capitalize on the inefficiencies that result from these constraints, while also broadening our time horizon beyond the typical months-long window that our competitors are forced to operate under." Brattle Street planned to cap its strategy at approximately $250 million in order to stay nimble and focus on outperformance. By keeping the fund on the small side and with a mandate to hold on to positions if warranted, Brattle Street was designed to appeal to investors that want an uncorrelated source of return. "We're focused on working with investors with a patient capital base - primarily family offices and high net worth investors - who understand the nature of the strategy and have a time horizon that can support it," Blotnick said.<ref>{{Cite web |last=Knab |first=Matthias |title=Citadel alum Greg Blotnick launches Brattle Street Capital - Opalesque |url=https://www.opalesque.com/674603/Citadel_alum_Greg_Blotnick_launches_Brattle_Street_Capital460.html |access-date=2024-12-05 |website=www.opalesque.com}}</ref>

⚫ Blotnick has written for ''],<ref>{{Cite web |title=Greg Blotnick - Gregory Blotnick |url=https://www.forbes.com/sites/gregoryblotnick/ |access-date=2024-12-05 |website=Forbes |language=en}}</ref> ],<ref>{{Cite web |title=Greg Blotnick |url=https://fortune.com/author/greg-blotnick/ |access-date=2024-12-05 |website=Fortune |language=en}}</ref> the ],<ref>{{Cite web |date=21 February 2017 |title=Gauging Market Sentiment: Selling Greed Is Harder Than Buying Fear |url=https://seekingalpha.com/article/4047699-gauging-market-sentiment-selling-greed-is-harder-buying-fear |website=Seeking Alpha}}</ref><ref>{{Cite web |date=2017-02-24 |title=Weekend Reads: The Call of the Void |url=https://blogs.cfainstitute.org/investor/2017/02/24/weekend-reads-the-call-of-the-void/ |access-date=2024-12-05 |website=CFA Institute Enterprising Investor |language=en-US}}</ref> ].<ref>{{Cite web |title=Articles by Greg Blotnick, CFA {{!}} KIPLINGER |url=https://www.kiplinger.com/author/greg-blotnick-cfa |access-date=2024-12-05 |website=Kiplinger.com |language=en}}</ref> ],<ref name=":1" /> ValueWalk,<ref>{{Cite web |last=Blotnick |first=Greg |date=2016-10-20 |title=Short Selling In A Bull Market - Common Mistakes In Security Selection |url=https://www.valuewalk.com/short-selling-bull-market/ |access-date=2024-12-05 |website=ValueWalk |language=en-US}}</ref> ],<ref>{{Cite web |date=2 February 2017 |title=Investors are dumping hedge funds just when they're needed most |url=https://www.marketwatch.com/story/investors-are-dumping-hedge-funds-just-when-theyre-needed-most-2017-02-02 |website=MarketWatch}}</ref>'' and ''Financial Sense''.<ref>{{Cite web |title=Greg Blotnick CFA's Blog |url=https://www.financialsense.com/blogs/5887/greg-blotnick-cfas-blog |access-date=2024-12-05 |website=Financial Sense |language=en}}</ref>


== Criminal conviction == == Criminal conviction ==
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On May 6, 2021, Federal prosecutors filed a criminal complaint against Blotnick in the Federal District of New Jersey.<ref>{{Cite web |date=2021-05-06 |title=Office of Public Affairs {{!}} New York City Man Charged with Nearly $4 Million COVID-19 Relief Fraud Scheme and Money Laundering {{!}} United States Department of Justice |url=https://www.justice.gov/opa/pr/new-york-city-man-charged-nearly-4-million-covid-19-relief-fraud-scheme-and-money-laundering |access-date=2024-12-05 |website=www.justice.gov |language=en}}</ref><ref>{{Cite web |date=2020-09-09 |title=Criminal Division {{!}} Fraud Section Enforcement Related to the CARES Act |url=https://www.justice.gov/criminal/criminal-fraud/cares-act-fraud |access-date=2024-12-05 |website=www.justice.gov |language=en}}</ref> On May 6, 2021, Federal prosecutors filed a criminal complaint against Blotnick in the Federal District of New Jersey.<ref>{{Cite web |date=2021-05-06 |title=Office of Public Affairs {{!}} New York City Man Charged with Nearly $4 Million COVID-19 Relief Fraud Scheme and Money Laundering {{!}} United States Department of Justice |url=https://www.justice.gov/opa/pr/new-york-city-man-charged-nearly-4-million-covid-19-relief-fraud-scheme-and-money-laundering |access-date=2024-12-05 |website=www.justice.gov |language=en}}</ref><ref>{{Cite web |date=2020-09-09 |title=Criminal Division {{!}} Fraud Section Enforcement Related to the CARES Act |url=https://www.justice.gov/criminal/criminal-fraud/cares-act-fraud |access-date=2024-12-05 |website=www.justice.gov |language=en}}</ref>


In July 2021, Blotnick was indicted in ] and ordered to be held on $500,000 cash bail on ] pending his next court appearance in October 2021.<ref>{{Cite web |last=Shazar |first=Jon |date=2021-07-22 |title=Hedge Fund Manager About To Plead Guilty To Defrauding PPP Won’t Avoid Rikers |url=https://dealbreaker.com/2021/07/blotnick-bail |access-date=2024-12-05 |website=Dealbreaker |language=en-us}}</ref><ref>{{Cite web |last=Roberts |first=Georgett |last2=O’Neill |first2=Jesse |date=2021-07-22 |title=Hedge fund manager Gregory Blotnick accused in COVID scam, held on $500K bail |url=https://nypost.com/2021/07/21/hedge-fund-manager-gregory-blotnick-accused-in-covid-scam-held-on-500k-bail/ |access-date=2024-12-05 |language=en-US}}</ref> In July 2021, Blotnick was indicted in ] and ordered to be held on $500,000 cash bail on ] pending his next court appearance in October 2021.<ref>{{Cite web |last=Shazar |first=Jon |date=2021-07-22 |title=Hedge Fund Manager About To Plead Guilty To Defrauding PPP Won't Avoid Rikers |url=https://dealbreaker.com/2021/07/blotnick-bail |access-date=2024-12-05 |website=Dealbreaker |language=en-us}}</ref><ref>{{Cite web |last1=Roberts |first1=Georgett |last2=O’Neill |first2=Jesse |date=2021-07-22 |title=Hedge fund manager Gregory Blotnick accused in COVID scam, held on $500K bail |url=https://nypost.com/2021/07/21/hedge-fund-manager-gregory-blotnick-accused-in-covid-scam-held-on-500k-bail/ |access-date=2024-12-05 |language=en-US}}</ref>


In October 2021, Blotnick pleaded guilty to wire fraud and money laundering charges for submitting fraudulent loan applications as part of the March 2020 ] ].<ref>{{Cite web |title=Ex-Citadel Analyst Gets 51 Months in Prison for Covid Scam (1) |url=https://news.bloomberglaw.com/securities-law/ex-citadel-analyst-gets-51-months-for-covid-scam-correct}}</ref> In October 2021, Blotnick pleaded guilty to wire fraud and money laundering charges for submitting fraudulent loan applications as part of the March 2020 ] ].<ref>{{Cite news |title=Ex-Citadel Analyst Gets 51 Months in Prison for Covid Scam (1) |url=https://news.bloomberglaw.com/securities-law/ex-citadel-analyst-gets-51-months-for-covid-scam-correct}}</ref>


In June 2022, a Federal court sentenced Blotnick to 51 months in prison for attempting to fraudulently obtain over $6.8 million in ] (PPP) loans.<ref name=":2" /><ref name=":4" /><ref name=":5" /><ref name=":3" /><ref>{{Cite web |date=2022-06-08 |title=Ex-Citadel analyst gets over 4 years in prison for hedge fund Covid scam |url=https://www.businesstimes.com.sg/companies-markets/banking-finance/ex-citadel-analyst-gets-over-4-years-prison-hedge-fund-covid-scam |access-date=2024-12-05 |website=The Business Times |language=en}}</ref> In June 2022, a Federal court sentenced Blotnick to 51 months in prison for attempting to fraudulently obtain over $6.8 million in ] (PPP) loans.<ref name=":2" /><ref name=":4" /><ref name=":5">{{Cite web |last=Hutcheon |first=Peter D. |date=2023-02-06 |title=Even-handed Thievery: SEC Sanctions Unregistered Investment Adviser for Fraudulent: I) Investment Advice, AND II) Filings for PPP Loans |url=https://norrismclaughlin.com/blb/anti-trust-trade-regulations/even-handed-thievery-sec-sanctions-unregistered-investment-adviser-for-fraudulent-i-investment-advice-and-ii-filings-for-ppp-loans/ |access-date=2024-12-05 |website=Biz Law Blog |language=en-US}}</ref><ref name=":3" /><ref>{{Cite news |date=2022-06-08 |title=Ex-Citadel analyst gets over 4 years in prison for hedge fund Covid scam |url=https://www.businesstimes.com.sg/companies-markets/banking-finance/ex-citadel-analyst-gets-over-4-years-prison-hedge-fund-covid-scam |access-date=2024-12-05 |website=The Business Times |language=en}}</ref>


In August 2022, Blotnick settled with the ] (SEC) by consenting to a cease-and-desist order without admitting or denying the charges.<ref>{{Cite web |title=SEC.gov {{!}} SEC Charges Private Fund Adviser and Principal with Fraud |url=https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-11091-s |access-date=2024-12-05 |website=www.sec.gov}}</ref> In August 2022, Blotnick settled with the ] (SEC) by consenting to a cease-and-desist order without admitting or denying the charges.<ref>{{Cite web |title=SEC.gov {{!}} SEC Charges Private Fund Adviser and Principal with Fraud |url=https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-11091-s |access-date=2024-12-05 |website=www.sec.gov}}</ref>
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==References== ==References==
{{reflist}} {{reflist}}
{{DEFAULTSORT:Blotnick, Gregory J}}

] ]
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Latest revision as of 18:23, 20 December 2024

American hedge fund manager
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Gregory Blotnick
BornGregory Joshua Blotnick
(1986-11-12) November 12, 1986 (age 38)
New York, New York, U.S.
EducationColumbia Business School (MBA)
Lehigh University (BS, Finance)
OccupationHedge fund manager
Criminal statusReleased
ParentSrully Blotnick (father)
Conviction(s)Wire fraud (18 U.S.C. § 1343) (1 count)
Money laundering (18 U.S.C. § 1957) (1 count)
Criminal penalty51 months in prison

Gregory Joshua Blotnick (born November 12, 1986) is an American hedge fund manager and author. He is the founder and portfolio manager of Brattle Street Capital, a long/short equity hedge fund based in New York. In 2021, he pled guilty to wire fraud and money laundering charges associated with claiming Paycheck Protection Program loans.

In June 2022, Blotnick pleaded guilty in federal court to one count of wire fraud and one count of money laundering (18 U.S.C. § 1341, 18 U.S.C. § 1957). He was sentenced to 51 months in prison for his role in a scheme to fraudulently obtain federal Paycheck Protection Program (PPP) loans totaling over $6.8 million. In November 2024, he was released early from FCI Coleman.

Early life and education

Blotnick was born in 1986 in New York City, the son of Srully Blotnick, an author and PhD in cell biology from Harvard Medical School. Blotnick grew up in Cambridge, Massachusetts, and graduated from Buckingham Browne & Nichols School in 2005. He earned a Bachelor of Science degree in Finance from Lehigh University in 2009 and became a CFA Charterholder in 2012. He completed an MBA at Columbia Business School in 2014.

Career

In 2017, Citadel LLC hired Blotnick as a Consumer/Retail sector specialist. In 2019, he founded Brattle Street Capital after departing from Citadel.

Brattle Street was a New York-based hedge fund manager that focuses on opportunities within the consumer/retail sector, particularly amidst small- and mid-cap equities that are too illiquid for larger hedge funds to consider actionable. "Managers at large market-neutral firms are unable to adjust portfolios dynamically due to a wide variety of constraints and mandate restrictions," Blotnick stated. "Our fund is designed to capitalize on the inefficiencies that result from these constraints, while also broadening our time horizon beyond the typical months-long window that our competitors are forced to operate under." Brattle Street planned to cap its strategy at approximately $250 million in order to stay nimble and focus on outperformance. By keeping the fund on the small side and with a mandate to hold on to positions if warranted, Brattle Street was designed to appeal to investors that want an uncorrelated source of return. "We're focused on working with investors with a patient capital base - primarily family offices and high net worth investors - who understand the nature of the strategy and have a time horizon that can support it," Blotnick said.

Blotnick has written for Forbes, Fortune, the CFA Institute, Kiplinger. Newsmax, ValueWalk, MarketWatch, and Financial Sense.

Criminal conviction

On April 12, 2021, Blotnick was arrested by the Manhattan District Attorney and charged on April 16th, 2021, with Paycheck Protection Program loan fraud.

On May 6, 2021, Federal prosecutors filed a criminal complaint against Blotnick in the Federal District of New Jersey.

In July 2021, Blotnick was indicted in Manhattan Criminal Court and ordered to be held on $500,000 cash bail on Rikers Island pending his next court appearance in October 2021.

In October 2021, Blotnick pleaded guilty to wire fraud and money laundering charges for submitting fraudulent loan applications as part of the March 2020 COVID-19 Economic stimulus bill.

In June 2022, a Federal court sentenced Blotnick to 51 months in prison for attempting to fraudulently obtain over $6.8 million in Paycheck Protection Program (PPP) loans.

In August 2022, Blotnick settled with the U.S. Securities and Exchange Commission (SEC) by consenting to a cease-and-desist order without admitting or denying the charges.

In November 2024, Blotnick was released early from FCI Coleman Low and transferred to Miami RRM to serve the remainder of his sentence.

References

  1. ^ Musgrave, Jane. "WPB hedge fund manager headed to prison over $6.8M Paycheck Protection Program fraud". The Palm Beach Post. Retrieved 2024-12-05.
  2. ^ Shazar, Jon (2022-06-08). "Ex-Citadel COVID Scammer's Lockdown Extended By Four Years". Dealbreaker. Retrieved 2024-12-05.
  3. "Citadel Alum Greg Blotnick Launches Brattle Street Capital | Hedge Fund News From HedgeCo.Net". Retrieved 2024-12-05.
  4. ^ "District of New Jersey | New York And Florida Resident Sentenced To 51 Months In Prison For $6.8 Million Paycheck Protection Program Fraud Scheme | United States Department of Justice". www.justice.gov. 2022-06-07. Retrieved 2024-12-05.
  5. ^ "D.A. Bragg: Gregory Blotnick Sentenced to 1 to 3 Years for Multimillion-Dollar "PPP" Loan Scam and Securities Fraud". Manhattan District Attorney's Office. 2022-06-09. Retrieved 2024-12-05.
  6. "Former-Citadel analyst sentenced to four years in jail over hedge fund Covid scam - Hedgeweek". 2022-06-08. Retrieved 2024-12-05.
  7. Musgrave, Jane. "WPB hedge fund manager headed to prison over $6.8M Paycheck Protection Program fraud". The Palm Beach Post. Retrieved 2024-12-05.
  8. ^ "Greg Blotnick - Biography". Newsmax.
  9. Knab, Matthias. "Citadel alum Greg Blotnick launches Brattle Street Capital - Opalesque". www.opalesque.com. Retrieved 2024-12-05.
  10. "Greg Blotnick - Gregory Blotnick". Forbes. Retrieved 2024-12-05.
  11. "Greg Blotnick". Fortune. Retrieved 2024-12-05.
  12. "Gauging Market Sentiment: Selling Greed Is Harder Than Buying Fear". Seeking Alpha. 21 February 2017.
  13. "Weekend Reads: The Call of the Void". CFA Institute Enterprising Investor. 2017-02-24. Retrieved 2024-12-05.
  14. "Articles by Greg Blotnick, CFA | KIPLINGER". Kiplinger.com. Retrieved 2024-12-05.
  15. Blotnick, Greg (2016-10-20). "Short Selling In A Bull Market - Common Mistakes In Security Selection". ValueWalk. Retrieved 2024-12-05.
  16. "Investors are dumping hedge funds just when they're needed most". MarketWatch. 2 February 2017.
  17. "Greg Blotnick CFA's Blog". Financial Sense. Retrieved 2024-12-05.
  18. Brandt, Libertina. "A New York City investment manager has been charged with stealing over $2.4 million through PPP loans". Business Insider. Retrieved 2024-12-05.
  19. "Office of Public Affairs | New York City Man Charged with Nearly $4 Million COVID-19 Relief Fraud Scheme and Money Laundering | United States Department of Justice". www.justice.gov. 2021-05-06. Retrieved 2024-12-05.
  20. "Criminal Division | Fraud Section Enforcement Related to the CARES Act". www.justice.gov. 2020-09-09. Retrieved 2024-12-05.
  21. Shazar, Jon (2021-07-22). "Hedge Fund Manager About To Plead Guilty To Defrauding PPP Won't Avoid Rikers". Dealbreaker. Retrieved 2024-12-05.
  22. Roberts, Georgett; O’Neill, Jesse (2021-07-22). "Hedge fund manager Gregory Blotnick accused in COVID scam, held on $500K bail". Retrieved 2024-12-05.
  23. "Ex-Citadel Analyst Gets 51 Months in Prison for Covid Scam (1)".
  24. Hutcheon, Peter D. (2023-02-06). "Even-handed Thievery: SEC Sanctions Unregistered Investment Adviser for Fraudulent: I) Investment Advice, AND II) Filings for PPP Loans". Biz Law Blog. Retrieved 2024-12-05.
  25. "Ex-Citadel analyst gets over 4 years in prison for hedge fund Covid scam". The Business Times. 2022-06-08. Retrieved 2024-12-05.
  26. "SEC.gov | SEC Charges Private Fund Adviser and Principal with Fraud". www.sec.gov. Retrieved 2024-12-05.
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