Wednesday, 27 August 2014
Last updated 44 min ago
Mar 31 2010 | 2:36am ET
The seven men arrested last week on insider-trading charges in Britain will have to make due with much less as the investigation unfolds.
The U.K. Serious Organised Crime Agency has frozen the assets of the accused, including Moore Capital Management trader Julian Rifat. The seven are allowed to spend just £300 per week, roughly US$450, an amount relatively close to Britain’s minimum wage.
Those arrested include several high-profile City bankers, traders and executives, men used to living the high life. But they must cover all of their expenses out of the £300, including legal expenses, unless they can convince a court to raise their spending limit or have their assets freed.
If not, they had better get used to their reduced circumstances: The Financial Services Authority has said the men might not be charged for more than a year as the investigation continues. It is believed that the regulator is looking into whether the accused were front-running block trades.
Rifat remains on Moore’s payroll. But the hedge fund has placed him on administrative leave. Rifat has denied any wrongdoing.
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 ...