Thursday, 25 December 2014
Last updated 15 hours ago
Mar 17 2010 | 1:24pm ET
A Pennsylvania man admitted yesterday that his hedge fund was actually a $12 million Ponzi scheme.
Stephen Alexander pleaded guilty to wire fraud and money laundering. The Villanova man faces up to eight years in prison under a plea agreement when he is sentenced in June.
According to prosecutors, Alexander spent investor money on himself. Clients of his Hartford Investment were treated to phony financial statements touting impressive returns of between 17% and 38%, when, in fact, the investments he made actually lost money.
Alexander allegedly solicited the money from 15 friends and family members. He still owes investors about $7.5 million, He is now free on $50,000 bond.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.