A fake billionaire hedge fund manager has been arrested after allegedly lying to clients about having a collection of 122 luxury cars and Picasso paintings to con victims out of $2million.Phillip Galles, 57, also claimed 'a well known owner of a professional sports team' and a Kuwaiti sovereign-wealth fund wanted to invest in his fund to drum up interest, court filings say.He told prospective clients his firm, Tyche Asset Management, could offer annual returns as high as 363 per cent, according to a suit filed by The Commodity Futures Trading Commission (CFTC) in federal court on Thursday.
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