Wednesday, 24 September 2014
Last updated 14 hours ago
Sep 8 2010 | 12:23pm ET
Deanna Coleman, who blew the whistle on Minnesota businessman and hedge fund manager Thomas Petters’ $3.65 billion fraud, will be joining him in prison for the time being.
Coleman, who served as vice president of operations at Petters’ firm, was sentenced to a year and a day in prison for her role in the scam, which victimized at least 20 hedge funds. Coleman began cooperating with the Federal Bureau of Investigation two years ago—before which the authorities had no idea that something was amiss at Petters’ operations.
Coleman testified against Petters at his trial last year. Petters was convicted of 20 counts of fraud and money laundering in December. Prosecutors accused him of selling bogus notes linked to consumer electronics sales which never actually happened. Petters was also accused of employing at least one hedge fund to help him cover up his scam.
He was sentenced to 50 years in prison and has vowed to appeal his conviction.
Despite the fact that Petters might still be ripping people off if not for Coleman’s cooperation, U.S. Attorney B. Todd Jones noted that she “worked with Petters and others to dupe people out of a lot of money.”
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.