Well, we figured back in 2012 that there was something hinky about the Panoramic View's finances. In March last year, the SEC filed a complaint that Brian Raymond Callahan, head of Horizon Global Advisors, used inflated promissory notes for five off-shore funds to hide his below-board financial maneuvering. Now, the Feds have indicted Callahan for defrauding investors of $96 million along with his brother in law Adam Manson. Callahan allegedly funneled the misappropriated cash to the Panoramic View in Montauk, which he and Manson acquired in 2007 and which has been losing money. Loretta Lynch, the U.S. Attorney in Brooklyn, said the men "used one of Long Island's landmarks, the Panoramic View Resort, to perpetrate a wide-ranging fraud." Manson, the manager, is accused of faking financial documents and lying to auditors.
· Feds: Long Island resort funded by $96 million Ponzi scheme [CNN Money]