By Shayna Jacobs
DNAinfo Reporter/Producer
MANHATTAN SUPREME COURT — A former hedge fund manager who was featured on the reality series "Wall Street Warriors" was indicted Wednesday on charges related to an alleged $7 million Ponzi scheme.
Guy de Chimay, 47, pleaded not guilty to grand larceny and forgery charges for allegedly running a Ponzi scheme that victimized friends and family members.
De Chimay, a reputed top player on Wall Street, enticed investors with claims that he was related to Belgian royalty and had other valuable connections, prosecutors said.
"This went on for several years. It's a classic Ponzi Scheme — borrowing money from one to pay another," said Assistant District Attorney Aaron Wolfson at De Chimay's arraignment Wednesday.
The DA's office did not reveal who the defrauded investors were. De Chimay is also facing an enforcement action brought by the Securities and Exchange Commission in Manhattan federal court.
De Chimay, who used to live in Manhattan, was found living in North Carolina, where prosecutors said they believe he fled because of the pending criminal investigation.
He pleaded "not guilty" and was ordered held without bail because his international connections make him a flight risk, the judge determined.
He faces up to 25 years in prison if convicted of the top felony charge.
