Monday, 30 November 2015
Last updated 1 min ago
Mar 17 2010 | 1:26pm ET
A North Carolina hedge fund manager has been accused of defrauding investors of hundreds of thousands of dollars in what regulators call an “out and out scam.”
Dennis Hagemann was arrested and charged last week with securities fraud and obtaining property by false pretense. According to prosecutors, his Yellowstone Partners hedge fund was nothing more than a Ponzi scheme that netted some $700,000 from at least nine investors.
Hagemann allegedly told clients Yellowstone invested in currencies, producing gains of 100% to 300%. But he actually pocketed the money, prosecutors said.
“Folks, that is just out and out scam territory,” North Carolina Secretary of State Elaine Marshall said of the triple-digit promises. “You ought to just grab your pocketbook and run.”
Hagemann, who was released on $250,000 bond, also faces civil charges filed by the Commodity Futures Trading Commission.
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…