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Another Ira Sorkin Client Ponzier-Turned-Chef To Cook For Oscars Before Reporting To Prison

Tyler Durden's picture




Vincent Montagna, who ran hedge-fund Tiburon Partners from 1998 to 2002 before being charged by the SEC for defrauding 70 investors out of $10 million, pled guilty to securities fraud, investment advisor fraud and wire fraud, and who was sentenced to 40 months in jail, is scheduled to start serving his sentence on March 20. The prosecution had been seeking a term of 9 years against Vincent, however his lawyer, none other than Bernie Madoff's defense attorney Ira Sorkin managed to drop the sentence to a little over 3 years. Sorkin it seems has a soft spot for alleged and sentenced Ponzi perpetrators, as the original SEC charge against Montagna was that he schemed to defraud investors by overstating assets, concealing conflicts of interests and diverting clients' money for his own use. Speaking of conflicts of interest, while there had been some recent brief discussions about Ira Sorkin's own conflicts of interests dealing with Bernie Madoff, especially his deceased parents' Nathan and Rosalie Sorkin Madoff accounts, none have yet been uncovered in the Montagna case.

While it is unknown if Montagna shares anything else with Madoff aside from a common lawyer, Sorkin declined to comment on whether the 36 year old ex manager ratted out any other Ponziers to the government in exchange for a reduced sentence. And Vincent is not really getting off too easy: he must forfeit $686,000 and property in Pennsylvania and Nevada, and any future income must go to paying the $7.7 million he owes investors.

Sorkin managed to do an impressive job of letting Montagna do much more while on bail than his other notable client who is under perpetual house arrest. Following his arrest, Montagna posted $300,000 bond and remained free, living with his family in Doylestown, PA. While awaiting his sentencing, Montana was given travel waivers and was allowed to fly to Florida, California Hawaii and elsewhere.

Amusingly, beginning November 2006, Montagna started work as a freelance chef for Wolfgang Puck, demonstrating that even convicted white-collar criminals can get jobs. Vincent was in fact expected to cater an Academy Awards dinner before going to jail. While Vincent was originally supposed to report to prison on March 6, Judge Koeltl extended the reporting date to March 20 so the Ponzier could attend his son's fifth birthday party and cook for an Oscar event.




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