Friday, 22 August 2014
Last updated 4 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note