Friday, 19 September 2014
Last updated 8 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.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.