Tuesday, 5 May 2015
Last updated 6 hours ago
Jul 27 2010 | 11:27am ET
Florida stockbroker Laurence Isaacson has been convicted of conspiracy for his role in the Lancer Group hedge fund fraud.
A Miami federal jury found Isaacson guilty last week. According to prosecutors, Isaacson held a financial interest in several of shell companies used by the Lancer funds to inflate their value. Victims of the fraud lost more than $200 million.
Lancer bought large quantities of restricted shares in the shell companies. The hedge fund would then buy more shares on the open market, artificially driving up the price in a scheme that ran from 1999 through 2003.
Isaacson faces up to 25 years in prison when he is sentenced on Oct. 21.
Five people were charged in the Lancer fraud. Lancer fund manager Eric Hauser and shell company owner Milton Barbarosh have already pleaded guilty.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…