The “Head of Macro” Can’t Find the Download Button: Fishback In Trouble As Greenlight Seizes Assets

The departure of a low-level analyst from a top-name hedge fund is usually a quiet affair: a polite resignation, a negotiated garden leave, possibly a non-compete dispute settled quietly in arbitration. However, the saga of James T. Fishback and David Einhorn’s Greenlight Capital has become something of a tragic comedy, devolving from a dispute over intellectual property into a legal war with a clear loser, James Fishback.

What began in the Southern District of New York as a battle over trade secrets and the audacious (and fabricated) title of "Head of Macro" has now migrated to the Northern District of Florida.

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Note: I am not a lawyer and this is not legal advice, but I have examined many of the court filings from several lawsuits in Greenlight Capital, Inc. v. James Fishback (those documents can be found below and on our site). Additionally, this piece has nothing to do with Fishback's politics. In fact, I agree (or did before he took on a more radical tone lately - likely for grifting purposes, in my opinion) with Fishback. I became interested in the story because Fishback seemed to be generating publicity for his own demise, and it is so rare for something like this to happen with someone who worked at a big-name hedge fund.

Drawing primarily from the newly surfaced filing Plaintiff’s Motion to Compel Compliance with Post-Judgment Discovery) and related garnishment records, we look at the current state of the high-profile lawsuit. A debtor who is publicly suing the Federal Reserve for transparency, is privately engaged in a game of hide-and-seek with David Einhorn over tax returns, brokerage statements, and a frozen bank account containing exactly $5,061.07. Oh and he is now running for Governor of Florida. 

While this article is over 3,000 words, we have not analyzed all the issues plaguing Fishback. For example, he launched an ETF. In a rare move, the Trustees quickly shut down the ETF due to concerns over his conduct; Fishback claims the move was political.

An independent investigative journalist, Jordan Schachtel, has done some excellent reporting on the Fishback saga, noting that Fishback never filed tax returns one year and has been on a spending spree despite the lien on his assets.

Schachtel notes:

His Tesla was just repo'd by the U.S. Marshals and he still owes over 200k in civil penalties. Now a new court filing offers more detail into his efforts to run from the law. Despite telling a federal judge that he "does not have the means" to pay his debts, Fishback has been on a shopping spree, buying $37k in luxury brand accessories with his Chase card in violation of a court order.

Furthermore, Schachtel states:

While hiding from U.S. Marshals attempts to repossess his assets (though they did find his Tesla, which he had stashed at his friend's home), Fishback did not disclose that he has another bank account that he has used to purchase luxury clothing items and accessories with a Chase debit card. I assume he can't acquire a credit card because his credit score is in the toilet. According to bank statements released by federal court: -In June, Fishback bought a $7473 watch from Bucherer. -He has spent thousands at Nordstrom -He spent thousands in one day at Burberry and Brunello Cucinelli -Spent thousands at Tom Ford.

The story is so bizarre the only comparison I can think of is that of Jacob Wohl, whom we first exposed around 10 years ago for securities shenanigans. Wohl later became famous for strange political acts, including his attempt to frame the director of the FBI.