Friday, 19 September 2014
Last updated 11 hours ago
Aug 2 2010 | 6:24am ET
While Maverick Capital Management co-founder Samuel Wyly has been accused of a $550 million fraud by the Securities and Exchange Commission, the hedge fund is not under investigation, it told investors.
Dallas-based Maverick moved quickly to quell investor concerns after Wyly and his brother, Charles, were hit with the charges, which accuse them of hiding assets and insider trading. But while the SEC alleges that the Wylys diverted some of their ill-gotten gains to Maverick and another hedge fund founded by Samuel Wyly, Ranger Capital, Maverick is not a subject of the probe, Reuters reports.
The Wylys have denied any wrongdoing and pledged to fight the SEC lawsuit, which was filed on Thursday.
Samuel Wyly left Maverick 15 years ago to found Ranger Capital, leaving the $11 billion hedge fund in the hands of co-founded Lee Ainslie. Both brothers continues to invest with the hedge fund, although their investment with the firm is not said to be significant to Maverick.
Samuel Wyly’s son, Evan, another co-founder of the fund, continues to own a stake in Maverick but has no day-to-day role at the hedge fund.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.