Kondaur CEO: Pequot Closing Won't Hurt Firm

Jon Daurio, chairman and CEO of Kondaur Capital, a mortgage investing vulture fund, says the closing of a private equity firm that pledged up to $1 billion for his investments will not slow his firm's growth, according to a report published in The Orange County Register. "Not in the slightest," Mr. Daurio told the newspaper. The hedge fund is Pequot Capital Management, which recently said it would close because of an ongoing investigation by the Securities and Exchange Commission. To date, Kondaur has invested about $175 million of the $1 billion pledged by Pequot. Recently, the Irvine-based Kondaur was hit with a final cease and desist order by the state of Georgia for engaging in mortgage broker/lending activities without a license or without first obtaining an exemption. Kondaur is a fast growing non-performing loan investor that hopes to triple its workforce to 900 employees by year-end.