FBI arrests [Biden office] hedge fund manager

A hedge fund manager and former UBS trader -- already the subject of a federal investigation involving an alleged $30 million fraud -- was arrested by FBI agents Friday at his Stamford home on mail fraud charges.

Francesco Rusciano, 27, of Strawberry Hill Avenue, is accused of raising money for two hedge funds and defrauding victims by materially overstating and misrepresenting his background and experience as well as overstating his success and historic performance, according to a statement from Nora Dannehy, acting U.S. attorney for Connecticut.

Rusciano, who appeared Friday in federal court in Bridgeport, was held pending a court hearing set for noon Monday. Rusciano operated the Ponta Negra Fund I, LLC and the Ponta Negra Offshore Fund I, Ltd.