Tuesday, 23 September 2014
Last updated 4 hours ago
Aug 4 2010 | 2:53am ET
Isaac Ovid, who served as both a leader of his Queens, N.Y., church and as CEO of a Long Island hedge fund, was sentenced to five years in prison on Friday for defrauding investors of more than $12 million.
Ovid pleaded guilty to conspiracy in March, one of five men affiliated with both Jadis Capital and the Local Christian Assembly Church. Many of Jadis’ victims were members of the church.
Five years was the maximum prison term Ovid, the first in the scam to be sentenced, could have received on the conspiracy charge. He faces possible deportation to his native Trinidad at the completion of his sentence.
Jadis’ two hedge funds were launched in 2005, with Ovid as trader. Within two weeks, he had lost $2 million and would go on to lose more. But most of the money was spent by the men on themselves, including to pay for a $200,000 Bentley used by Ovid.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.