PRESS RELEASE, 7/31/2006

Former Mayor of Loveland indicted in investment scan

A Hamilton County Prosecutor Joseph T. Deters announced today the indictment of a man involved in a hedge fund investment scam. Former Loveland mayor Lee Skierkiewicz has been indicted on ten counts of Theft and two counts of Aggravated Theft.

In October of 2000, Skierkiewicz, 51, left the Baird Company, an investment firm, and started a hedge fund called Prima Partners. A total of thirteen investors, who had success when they invested with the defendant at the Baird Company, gave money to Skierkiewicz for investment in the hedge fund. The individual investment amounts ranged from $25,000 to $100,000. He misused the funds of six of the investors.

When Skierkiewicz was unable to provide victims with accurate statements concerning the gain or loss of their investments, some victims began asking for their money back. However, the defendant refused to cooperate and the Hamilton County Sheriff’s Office started to investigate the matter.

Skierkiewicz took nearly $157,400 of the victims’ money for his own personal use. The rest of the money was either lost in the market or used for Prima Partners operational cost including rent for the office, office supplies and business trips.

The defendant faces up to 25 years if convicted on all charges.