It’s been almost three years since the Securities and Exchange Commission first launched an investigation into private equity shop AA Capital. John Orecchio, who founded the firm, was finally charged with embezzlement last week by the United States Attorney’s Office, which is claiming that he pilfered approximately $24 million from between 2002 and 2006.

AA Capital Partners was spun out from ABN Amro by Orecchio in 2001. The firm had almost $200 million of capital under management, which invested in other private equity funds as well as direct investments, including commitments to multiple casinos and the hip hop label of rapper Shorty Capone.

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