Tuesday, 30 September 2014
Last updated 4 hours ago
Sep 8 2010 | 9:39am ET
A pair of investors was awarded nearly $13 million by arbitrators in their case against Bernard Madoff feeder fund mogul J. Ezra Merkin.
Rosewood, N.J.-based Sandalwood Debt Funds A and B had accused Merkin, who ran three Madoff feeder funds, of common-law fraud, breach of fiduciary duty and negligent misrepresentation. The arbitration panel, which held six days of hearings in May, did not explain its decision to grant the Sandalwood funds the award.
Sandalwood Fund A was awarded $2.1 million and Fund B $10.5 million. Merkin—the sole respondent to the claim—was also ordered to pay $112,000 in fees. Sandalwood has asked a New York state judge to confirm the arbitrators’ decision.
The Sandalwood funds invested in Merkin’s Gabriel Capital Corp. Merkin has also been sued by New York Attorney General Andrew Cuomo and the court-appointed receiver in the Madoff case, Irving Picard. Cuomo accuses Merkin of investing much of his funds’ assets with Madoff without informing clients, claiming he reaped nearly $500 million in fees under the arrangement.
Madoff himself is serving a 150-year term for running the $65 billion, multi-decade Ponzi scheme.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...