Monday, 20 October 2014
Last updated 8 min ago
Nov 3 2010 | 2:55am ET
A brokerage firm part-owned by Bernard Madoff has settled charges stemming from his $65 billion Ponzi scheme.
Cohmad Securities and three executives settled Securities and Exchange Commission allegations that they failed to notify clients—who poured more than $1 billion into Madoff's scam—of "serious questions" about Madoff's operations by agreeing not to violate securities laws. None admitted or denied any wrongdoing.
The settlement with Cohmad, Chairman Maurice Cohn, chief operating officer Marcia Cohn and former vice president Robert Jaffe still requires court approval. The SEC said fines and restitution would be determined later.
"The Cohns are pleased that there is no allegation that they had sought to deceive anyone or knowingly participated in Bernard Madoff's Ponzi scheme," Clifford Thau, a lawyer for New York-based Cohmad and the Cohns, said. All four defendants have steadfastly denied any wrongdoing, and an earlier SEC lawsuit against them was dismissed in February.
Court-appointed receiver Irving Picard has also sued Cohmad, the Cohns and Jaffe, seeking to recoup some of the $98.4 million Cohmad allegedly received for marketing Madoff's services.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...