Friday, 29 August 2014
Last updated 9 hours ago
Mar 24 2010 | 9:47am ET
Things have gone from bad to worse for accused hedge fund fraudster Dennis Hagemann.
The founder of Raleigh, N.C.-based hedge fund Yellowstone Partners saw the number of criminal counts against him increase 18-fold. Hagemann, who was arrested earlier this month on a pair of securities fraud charges and one of obtaining property by false pretense, now faces 54 fraud counts.
Hagemann, who had been free on $250,000 bond, was again arrested yesterday and was being held under a $1 million secured bond.
The new charges are the result of the continuing investigation, North Carolina Secretary of State Elaine Marshall said.
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.
“Our investigators have continued to develop this case as more information from more victims comes in,” Marshall said. “We believe Mr. Hagemann used foreign currency trading as his sales pitch, but then used investors’ money to pay other investors in what essentially became a Ponzi scheme.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...