Harvard University’s ‘new world order’ thesis advisor is charged with fraud
A Harvard professor has been charged with felony fraud for allegedly stealing tens of thousands of dollars from an investment fund.
John DeMarco, a former graduate student at Harvard’s School of Arts and Sciences, is charged in the case, and his attorney has asked for a $250,000 bond.
Prosecutors say DeMarco allegedly used the funds for personal expenses while he was employed by the investment firm.
He’s also charged with theft and lying to the Securities and Exchange Commission.
Prosecutors have asked for his bond to be set at $250 million, and DeMarco is also charged in a separate case that has him facing fraud charges.
Harvard officials said in a statement that DeMarco was fired by the university last year and that he had resigned from his professorship, a post he holds until he is released from prison in July.
He was hired by the Investment Management Association, a nonprofit that works to support investors.
Harvey DeMarco and his family were at the center of a scandal last year when they were accused of stealing tens to thousands of taxpayer dollars to help finance a new world order thesis.
Harvest Capital, the investment bank founded by Harvard’s investment professor Harvey DeMarco that employed him, has said it is cooperating with the investigation.
DeMarco is charged only with theft of money, according to the charging document, and has pleaded not guilty.
He faces up to 15 years in prison if convicted.