Tuesday, 29 July 2014
Last updated 1 hour ago
Dec 28 2010 | 2:51am ET
A pair of hedge fund managers have been accused of ripping off investors of more than $30 million.
Thomas Repke was charged yesterday in Atlanta federal court with defrauding more than 100 investors in his Coadum Capital, which he ran with James Jeffery. The two men allegedly promised 5% monthly returns, but actually stole more than $20 million of the money raised, transferring it to accounts in Switzerland and Malta, rather than investing it in hedge funds allegedly run by a Malta-based trader.
Repke pleaded not guilty to mail and wire fraud and conspiracy and was released on $250,000 bond. Jeffery, who lives in Ontario, has not yet appeared on the same charges.
Both men face up to 20 years in prison if convicted.
Prosecutors say that only a fraction of the money raised by Utah-based Coadumin 2006 and 2007 was left by the end of 2007.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…