Monday, 20 October 2014
Last updated 2 days ago
Dec 17 2010 | 12:44am ET
Federal prosecutors have indicted two more men in an alleged $20 million hedge fund fraud case, two weeks after two others pleaded guilty.
William Shternfeld and Benjamin Koifman were charged this week with securities and wire fraud. According to the U.S. Attorney's office, the two men ran the A.R. Capital Global Fund and ARC Global Fund, which raised about $20 million from 70 investors by misleading them.
Earlier this month, A.R. Capital's heads, Igor Levin and Yevegeny Shvartsshteyn, admitted that the firm was a phony and that the money they raised was not invested, as investors were told it would be, in international real estate. Instead, Levin and Shvartsshteyn said, they stole $7 million and sent most of the money to banks in the Ukraine, where it has disappeared.
According to the feds, Shternfeld and Koifman wired some $18 million of the money they collected to the Ukraine.
Both men were freed on $500,000 bail. They are due back in court on Jan. 3. If convicted, they each face up to 65 years in prison.
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 ...