Hedge fund COO Vellanti dies in fall from escalator

James Vellanti, chief operating officer of hedge fund JNF Asset Management LLC in New York, died after accidentally falling from an escalator at The Pier Shops at Caesars in Atlantic City, police said.

Police were called to the mall at 12:01 a.m. on Sunday after Vellanti, 42, fell an estimated 30 to 40 feet, the Atlantic City Police Department said today in an e-mailed statement. An autopsy by the Atlantic County Medical Examiners Office ruled "the cause of death as multiple traumatic injuries due to the fall and the manner of death is accidental," according to a second statement today.

Vellanti, who lived in Clinton, New Jersey, was previously a managing director at Koch Global Capital LLC in charge of the New York office, according to a LinkedIn.com profile bearing his name. He also had worked as a vice president at U.S. Bancorp, a public finance banker at State Street Corp. and was a mortgage banker at Wachovia Corp., according to the profile.

"It is with great sadness that we learned of Jim Vellanti's passing," David Smilow, chairman of Jefferson National Financial, said in an e-mailed statement. "He was a dedicated family man and friend. Our thoughts and prayers go out to Jim's family and loved ones."

Jefferson National will establish a memorial fund in Vellanti's name for the benefit of his wife and children, Smilow said. JNF Asset Management is a part of Dallas-based Jefferson National Life Insurance Co.

Second Fatality

Vellanti was pronounced dead shortly after being taken to AtlantiCare Regional Medical Center, the police statement said. It was the second fatality in two years from a fall off the escalator at the three-story mall, the Philadelphia Inquirer reported. Frank Gilbert, 25, died in August 2008. Witnesses said Gilbert had been sitting on the handrail, the newspaper reported.

The Pier Shops is a dining and shopping area attached to Caesars Hotel and Casino via a pedestrian bridge. The stores are managed by Taubman Centers Inc., and co-owned with Atlantic Pier Associates LLC. Taubman said on Sept. 22 that it plans to turn over the mall to its lender because the recession cut traffic to the East Coast gaming capital and the stores aren't generating enough cash to pay debt.