Wednesday, 1 October 2014
Last updated 4 hours ago
Jul 8 2010 | 12:46pm ET
Robert Miller, a former Securities and Exchange Commission lawyer and money manager, avoided prison at his sentencing for, in part, impersonating a hedge fund manager for fraudster Marc Dreier.
Miller pleaded guilty last year to first impersonating a representative of the Ontario Teachers’ Pension Plan in a conversation with a hedge fund, and then to playing the role of an Icelandic hedge fund that was supposedly selling one of the bogus promissory notes that Dreier used to defraud a stable of hedge funds of more than $400 million. In both cases, Miller told authorities that he was coached by Dreier, and he cooperated in the investigation which eventually led to a guilty plea from Dreier and a 20-year sentence for the former high-profile New York lawyer.
Miller proved a good deal luckier: U.S. District Judge Kimba Wood yesterday sentenced him to just two years of supervised release. Miller wasn’t even fined; he had already agreed to forfeit the $100,000 that Dreier paid him for his thespian turn.
Wood said she believed that Miller’s act was “born of desperation” and that he had accepted responsibility for his act and sought to turn his life around. Miller told the judge that his actions were those of “fearful, self-loathing, suicidal alcoholic.”
Miller has since completed rehabilitation and is now working as a counselor at a California rehab facility. His lawyer said he never knew that Dreier’s notes were fake.
Miller had faced up to 20 years in prison.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...