Wednesday, 24 December 2014
Last updated 10 hours ago
Jul 2 2010 | 10:52am ET
A British stockbroker who tried to hide £42 million in unauthorized trades by pointing the finger at a hedge fund has been sentenced to two-and-a-half years in prison.
Jonathan Bunn gave his bosses at Lewis Charles Securities the names of the traders he said were counterparties to the short-sales when queried about the trades last year. But the firm checked with the hedge fund the brokers were supposed to be working for—and the hedge fund had never heard of them.
The counterparties listed on Bunn’s trading slips also said they had played no part in the trades, leaving Lewis Charles with a £2.67 million loss on an unmatched short position in HSBC Holdings shares.
When confronted, Bunn admitted his misdeeds, and pleaded guilty to false accounting in May.
Lewis Charles said it was forced to lay off a dozen employees and cut salaries by 20% because of the losses suffered in Bunn’s trades.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.