Tuesday, 1 December 2015
Last updated 13 min 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…