Friday, 29 August 2014
Last updated 13 hours ago
Dec 17 2010 | 12:41am ET
A former pastor has been sentenced to 54 years in prison for ripping off investors in his supposed hedge fund of more than $13 million.
Vaughn Reeves was convicted in October of securities fraud. Prosecutors say he told investors his Alanar Inc. would invest in church construction bonds, but that the 66-year-old Indiana man actually spent the money on himself and his sons, who are set to go on trial next year. Among the goodies the Reeves allegedly bought for themselves were airplanes, sports cars and lavish vacations.
“I am terribly sorry,” Reeves said at his sentencing. “We certainly didn’t set out to defraud or hurt anyone.”
Reeves’ lawyer pleaded for a much shorter sentence—possibly just probation—to allow his client to attempt to make investors whole. But the judge said that the number of victims and amount lost justified the longer sentence.
Reeves was also ordered to pay more than $13.1 million in restitution.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...