Thursday, 2 October 2014
Last updated 35 min ago
Oct 4 2010 | 2:30am ET
A former hedge fund executive has been sentenced to one year and one day in prison for his role in the Thomas Petters Ponzi scheme.
Harold Katz pleaded guilty last year to conspiracy to commit wire fraud. The vice president of finance at hedge fund Lancelot Investment Management was accused of crafting the bogus documents used by Petters and Lancelot founder Gregory Bell to fool investors into believing that Petters was making good on his loan payments. He also allegedly designed the "round-trip" wire transfer payments to create the impression that Petters was, in fact, paying.
Bell was sentenced to six years in prison last week. Petters, who was convicted of running a $3.65 billion fraud, was sentenced to 50 years in prison following his conviction last year.
Katz had faced up to five years in prison.
"I made a colossal error in judgment," Katz said at his sentencing Friday. "I hope I can use this horrific experience to help others not make the same mistakes as I have."
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...