Saturday, 28 March 2015
Last updated 19 hours ago
Mar 31 2010 | 2:32am ET
Hedge fund fraudster Michael McCready was sentenced to nine years in prison for defrauding investors of some $9 million.
The Beverly Hills, Calif., hedge fund manager pleaded guilty in October to running a Ponzi scheme for five years. He had faced up to 20 years in prison on the federal securities fraud charges.
McCready was also ordered to pay restitution to his victims, many of whom were involved in the entertainment industry.
According to prosecutors, McCready pretended to manage both a hedge fund and more traditional investments. But they say he never actually invested a dime, instead using new money to pay off old investors and spending the rest on himself and his girlfriend. Among the ventures unknowingly financed by McCready’s clients were his girlfriend’s business, a movie written and directed by the fraudster himself, and a trip to the Super Bowl. All the while, investors were kept in the dark with bogus account statements.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…