Tuesday, 30 September 2014
Last updated 4 hours ago
Nov 9 2010 | 10:34am ET
Beware of claims of easy money: A hedge fund with a facile name has been accused of defrauding investors of more than $2 million.
The Securities and Exchange Commission has sued Los Angeles-based Easy Equity Management and its principals, alleging that they lied to investors while stealing more than half of the money they raised. Alero Odell Mack and Steven Enrico Lopez both overstated Easy Equity's returns and lied about Mack's access to the New York Stock Exchange trading floor to raise some $4 million from 25 investors, the regulator said.
Easy Equity's marketing material claimed a 70% return that the SEC says never happened. Another brochure boasted of "staggering returns time and time again."
Indeed, the SEC says, the returns were good: for Mack and Lopez and the clients they paid referral fees. Only $1.3 million of the money raised was invested, according to the lawsuit, while more than $1 million was split between the two for personal expenses.
The lawsuit seeks restitution of ill-gotten gains and penalties.
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...