Falcone Continues To Syphon Cash, This Time Pledging Artwork As Collateral For BofA Loan

... several of Falcone's investors, all of whom declined to be identified, said the loan from the fund has been a source of concern for months. What bothered them most was that Falcone only disclosed the loan in March, five months after arranging it.

"You can't treat the fund like a personal piggy bank to pay taxes," said one investor. "I don't know that there is really anything illegal about it, but it is certainly disgustingly immoral and shows a complete lack of fiduciary care."