PHOTO! Here is a picture of Corey Ribotsky of the NIR Group being alleged investigated, claims the WSJ.

Corey Ribotsky of the NIR Group is allegedly being investigated by “Federal criminal authorities” claims the Wall Street Journal today.

The SEC and FBI have not yet commented, the WSJ claims Ribotsky has not been accused of wrongdoing, and his legal reps say they have “no knowledge of any criminal investigation and have not been contacted by any authorities.”

The WSJ nevertheless claims the following:

“Federal criminal authorities are investigating whether Corey Ribotsky, a Long Island, N.Y., hedge-fund manager who has said he has $770 million under management, lied to investors about their returns and the holdings of his various funds, according to people familiar with the matter. Prosecutors from the U.S. attorney’s office in Brooklyn and investigators from the Federal Bureau of Investigation and the Securities and Exchange Commission are looking at whether the 38-year-old Mr. Ribotsky and his firm defrauded investors as the stock market fell amid the credit crisis”.

The NIR Group describes itself as follows:

The NIR Group Family of Funds provides investors with multiple alternative investment strategies within separately managed funds.

The NIR Group, LLC is an alternative investment firm focusing on strategies that are structured to mitigate risk and produce returns in all market environments.

Founded in 1998, NIR initially focused its investment strategy on direct investments in small/micro-cap public companies that have emerging growth, distressed, and developmental stage businesses. NIR has emerged as one of the most active investment fund managers in this financing sector. While utilizing a stringent system of due diligence, NIR allows for a thorough and expeditious funding process that is geared to deliver maximum financial return, while greatly limiting risk to our investors.

NIR has since expanded its investment strategies to include investments in commodities and structured finance instruments. Preservation of capital is of paramount importance and we utilize extensive risk management to achieve our results. Each strategy is separately managed by it’s own management team for both high net worth and institutional investors.

Corey S. Ribotsky’s bio is the following:

Corey S. Ribotsky is the Managing Member of The NIR Group, LLC, an Alternative Asset Management Firm that strives for superior long term performance in a limited number of absolute strategies. Mr. Ribotsky has been investing in public companies since 1992. Mr. Ribotsky graduated with a BA from the State University of New York at Stony Brook and attended The New York University, Leonard N. Stern Graduate School of Business for an MBA in Finance and Operations. Mr. Ribotsky also attended Brooklyn Law School. Prior to becoming a member of NIR, Mr. Ribotsky was a member of the investment management firm, The Rainmaker Group, LLC located in Red Bank, New Jersey.

Mr Ribotsky is involved in multiple charitable endeavors. He is a member of the Board of Trustees and The President of the Children’s Medical Fund of New York, The Children’s Medical Fund of New York (CMF) ensures children on Long Island and in the New York metropolitan area have access to the best available pediatric care by raising funds to help build and equip medical facilities and sponsor vital programs at Schneider Children’s Hospital. He has recently been elected to the Board of Trustees of The North Shore/LIJ University Health System. Mr Ribotsky is a member of the Board of Trustees of the Onyx and Breezy Foundation. He also supports The Leukemia & Lymphoma Society, The Heather on Earth Foundation providing music therapy to pediatric patients, Sunrise Day Camp for children with cancer and Camp Jahre for inner city underprivileged kids.