Thursday, 2 October 2014
Last updated 15 hours ago
Oct 8 2010 | 12:07pm ET
A hedge fund manager who tried to fake his death to avoid justice for defrauding investors of hundreds of thousands of dollars has been sentenced to 10 years in prison.
Marcus Schrenker disappeared last January after his plane crashed in the Florida panhandle. But Schrenker, the president of Heritage Wealth Management, had actually jumped out of the plane over southern Alabama as part of a scheme to fake his death just a day after his home and office had been raided and a Maryland court entered a half-million dollar judgment against him.
Schrenker was arrested days later at a Florida campground, but not without actually trying to kill himself, slashing his wrists and leaving a suicide note.
Under a plea deal, Schrenker's 10-year sentence on the Indiana state charges will run concurrently with his four-year federal sentence for crashing his plane and sending a fale distress signal.
"I'm so sorry," Schrenker said yesterday. "I let my assets control me."
Schrenker's fiery fake death came just days before fellow hedge fund fraudster Arthur Nadel left a suicide note and went missing.
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...