Prosecutors Drop Charges Against Hedge Fund Manager In Boating Accident

Mar 31 2010 | 2:30am ET

A Florida hedge fund manager has been cleared in a 2006 boating accident that left two college students dead.

Miami-Dade County prosecutors have determined that the Biscayne Bay collision was a “tragic, unfortunate and horrible accident.” They dropped a misdemeanor charge of violating navigational rules against the hedge fund manager, Roland Desrochers.

Desrochers’ boat, the Intrepid, collided with a three-boat flotilla. Florida International University students James Noel and Monica Burguera were killed. Noel had rented six boats for his friends to celebrate his birthday and was on one that died, which was being towed back to the rental company, Club Nautico. The towing boat also stopped to pick up another disabled boat that it came across.

Prosecutors determined that “the lack of lights on behalf of the tow flotilla of boats was a major contributing factor to the accident.”

Both Desrochers and Club Nautico have settled civil suits with the victims’ families.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...