Wednesday, 22 October 2014
Last updated 16 hours ago
Jan 18 2011 | 8:17pm ET
Hedge fund fraudster James Nicholson will do his time for running a $140 million Ponzi scheme where the world’s best winter athletes once rested their heads.
Earlier this month, Nicholson was sent to a medium security prison in Ray Brook, N.Y., about five miles up the road from Lake Placid, site of the 1980 Winter Olympics. After the games, the Olympic Village was turned into a prison.
Nicholson was sentenced to 40 years in prison in November. He pleaded guilty to fraud in December 2009 and has been imprisoned in a New York City holding facility since his arrest in February of that year.
Nicholson’s Ponzi scheme fell apart in December 2008. He admitted that he began lying to investors as far back as 2004.
The Ray Brook prison is about five hours’ drive from Nicholson’s home in Saddle River, N.J. The judge who sentenced him had recommended he serve his sentence at Fort Dix, N.J., only two hours from his family.
According to the federal Bureau of Prisons, Nicholson is estimated to be released on Dec. 31, 2043. He’ll be 77 years old.
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 ...