Tuesday, 2 September 2014
Last updated 3 days ago
Jul 12 2010 | 8:48am ET
Two hedge fund executives now know when they will learn their fates for their roles in the Thomas Petters Ponzi scheme.
U.S. District Judge Richard Kyle, who in April sentenced the Minnesota businessman and hedge fund manager to 50 years in prison, set the sentencing dates for six of the seven people who have pleaded guilty in the $3.6 billion fraud. Among them are Lancelot Investment Management founder Gregory Bell and Harold Katz, the firm’s vice president of finance and accounting.
Bell will be sentenced first, on Aug. 20. Katz will face the music on Sept. 28, as the last of the six to be sentenced. Bell could be sentenced to 20 years in prison, while Katz faces up to five years for conspiracy.
According to prosecutors and the Securities and Exchange Commission, Lancelot steered nearly all of the $2 billion it raised to Petters. Bell and Petters are accused of cooking up a series of bogus payments to cover up Petters’ delinquency on more than $130 million in allegedly phony notes sold by Petters to Lancelot, with Katz accused of crafting the bogus documents designed to fool investors and of helping Bell wire money to Petters in a series of so-called “round-trip” transactions.
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 ...