The government probe marks an escalation in scrutiny of Chirico's management of 352, which was part of Jefferies' Leucadia Asset Management arm.
Chirico directed the purchase of a large quantity of bonds issued by WaterStation Management, a company that claimed to operate thousands of filtered water vending machines.
Neither Chirico nor his lawyers responded to requests for comment, but they have said in court filings that he was wrongfully terminated.
The investigation may not result in charges. The Manhattan US attorney's office declined to comment on the existence of an investigation.
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