Tuesday, 22 July 2014
Last updated 18 hours ago
Mar 26 2010 | 4:00am ET
A hedge fund accused of defrauding investors and its manager have been ordered to pay more than $4 million in restitution and penalties.
A federal court in Atlanta has ordered Lake Dow Capital and Ty Edwards to pay nearly $2.3 million in restitution and $1.9 million in civil monetary penalties at the request of the U.S. Commodity Futures Trading Commission. The regulator accused Edwards and his firm in 2005 of fraudulently soliciting more than $26 million for his commodity hedge fund, Aurora Investment Fund, and misappropriating much of the money.
The restitution and fines come on top of more than $19 million seized from Edwards and since returned to his alleged victims.
Three years ago, the CFTC won permanent bans from participating in commodities trading against Lake Dow and Edwards.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…