Thursday, 25 December 2014
Last updated 1 day 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.
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.