Updated: Guadagno case also involved a monitor
By Wally EdgeKimberly Guadagno also has a connection to no-bid monitor contracts, but you won’t hear Democrats talking about that. While serving as a Deputy Attorney General and Assistant Director of the state Division of Criminal Justice, Guadagno prosecuted John Natale, a hedge fund manager from Holmdel who bilked investors out of $47 million. According to an Associated Press report, Natale “used the money to place high-stakes bets that there would be a downturn, notably in technology stocks and their indexes.
“The downturn never happened. To hide the mounting losses in his funds, Natale created false audits, tax documents and monthly statements to his investors showing strong returns,” according to the AP. “Natale had claimed that the funds,Cambridge Partners and Cambridge Partners II, were worth $50 million. In reality, only $3 million remains.”
A politically active lawyer from Essex County was picked as the court-appointed receiver to control the remaining $3 million: James Zazzali, who had served as state Attorney General under Gov. Brendan Byrne. But Zazzali gave up the assignment after a few months to take a new job – as an Associate Justice of the New Jersey Supreme Court.
A PolitickerNJ.com Gravitas List would likely have the well-respected former Chief Justice near the top, so in Guadagno's case, her pick of Zazzali will likely be a plus.
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