Tuesday, 30 September 2014
Last updated 38 min ago
Oct 1 2010 | 3:37am ET
Hedge fund manager Gregory Bell has been sentenced to six years in prison for his role in helping Thomas Petters cover up a $3.65 billion Ponzi scheme.
Bell, the founder of Highland Park, Ill.-based Lancelot Investment Management, pleaded guilty to wire fraud last year. The 45-year-old could have been sent away for as many as 20 years.
According to prosecutors and the Securities and Exchange Commission, Lancelot steered nearly all of the $2 billion it raised to Petters. Bell and Petters are accused of cooking up a series of bogus payments to cover up Petters’ delinquency on more than $130 million in allegedly phony notes sold by Petters to Lancelot. Bell was also accused of raising $200 million from investors on false pretenses about Petters’ business.
Petters was sentenced to 50 years in prison after his conviction last year.
Harold Katz, vice president of finance and accounting at Lancelot, has yet to be sentenced for his role. He faces up to five years.
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...