A 28-year-old Wall Street businessman is being investigated over $250million losses made by the insurance empire he set up. Alexander Chatfield Burns amassed a huge number of businesses, including several insurance companies, in his mid-20s. Colleagues said he would regular attended cigar clubs, the finest restaurants and even donated wine to the Guggenheim museum in the city. Alexander Chatfield Burns, 28 (pictured with friend Andrea Johnson) amassed a huge number of businesses, including several insurance companies, in his mid-20s. But is now facing an investigation after his companies reportedly lost $250million . Colleagues said he would regular attended cigar clubs, the finest restaurants and even donated wine to the Guggenheim museum in the city . But the financier is facing growing questions after he booked himself into Bellevue Hospital in New York a year ago and resigned from Southport Lane Management LLC, leaving a series of unusual asset transfers behind, the Wall Street Journal reported. Regulators in Delaware say Southport under Mr. Burns siphoned off millions of dollars of mainstream insurance holdings and swapped them with assets that are either over-valued or worthless. Among them is a painting Mr Burns initially believed to be by Caravaggio, but was later discredited as a copy by three art experts. Since the probe he has moved into a historic building in downtown Charleston, South Carolina. The Journal reported that Mr Burns had two insurance companies, two offshore reinsurers, a brokerage firm and a web of dealings with other insurers. His massive portfolio left him in charge of investing hundreds of millions of dollars in additional assets. Regulators seized control of the two main insurance companies last April. One based in Delaware is being liquidated, one in Louisiana has been sold. The insurance-company losses total nearly $250 million. Regulators in Delaware say Southport Lane Management under Mr Burns siphoned off millions of dollars of mainstream insurance holdings and swapped them with assets that are either over-valued or worthless . According to court documents obtained by the Journal, the companies still active have tens of millions of dollars in questionable assets. James Denlon, a Louisiana Insurance Commissioner, told the newspaper Mr Burns 'apparently is convincing and good at snookering regulators.' Jeffrey Leach, a former president at Southport, told the Journal he wanted to be a 'superrich guy'. 'His goal was to build this into a multibillion-dollar insurance operation,' he added. In statements sent through his lawyer, Mr Burns has called a lawsuit started against him by former employees Southport is 'baseless'. He blamed 'highly unexpected' events at the insurance companies which prompted a restructuring. He added that Southport complied with all relevant laws and that he doesn't face any litigation. Mr Burns has not been accused of any wrongdoing and is not party of any criminal or civil proceeding.
Alexander Chatfield Burns built a portfolio of businesses in his mid-20s . Enjoyed private cigar clubs and would attend the best restaurants . Financier facing growing questions following a stay at Bellevue Hospital . He later resigned from a company he founded, Southport Lane . Regulators say he siphoned off millions of insurance holdings and swapped them with worthless assets .