Friday, 31 October 2014
Last updated 13 hours ago
Apr 3 2007 | 3:49pm ET
There’s just no deterring some people.
Fresh off a three-year stint in prison for a previous hedge fund scam, Alexsander Efrosman of Staten Island, N.Y., finds himself in trouble with authorities again. According to the Commodity Futures Trading Commission, he’s back up to his old tricks.
The regulator announced yesterday that a federal court entered a default judgment against Efrosman, a.k.a. Alex Besser, ordering him to pay restitution, disgorgement and penalties totaling more than $22 million. The CFTC says that Efrosman, through entities called AJR Capital and Century Maxim Fund, collected more than $5 million from about 110 investors for a foreign-exchange futures fund. In fact, it is alleged, the money went to fund Efrosman’s gambling habit, while he studiously provided his “investors” with fictitious account statements and promises of double-digit monthly returns.
Efrosman’s last run-in with the law stemmed from a CFTC administrative action in 1997. He fled the country, only to be tracked down in France in 2000 and extradited. In that case, he pleaded guilty to 19 counts of fraud.
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…
Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.