Back in the late 1990s, Jeff Tollefson was a "hard-working, money-hungry venture capitalist," by his own admission, knocking down a few hundred thousand bucks a year as one of eight partners at red-hot Crescendo Ventures. At the top of the telecom boom, his share of Crescendo's soaring portfolio of telecommunications firms was worth nearly $60 million. Between 1995 and 2000, red-hot Crescendo, with offices in the Twin Cities, Silicon Valley and London, raised more than $1 billion from affluent investors and institutions and boasted a $1.2 billion "profit" in his portfolio when the telecom boom peaked in the fall of 2000. Tollefson was about to become a multimillionaire...
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