Sunday, 21 December 2014
Last updated 4 hours ago
Feb 7 2011 | 8:54am ET
An Oregon hedge fund facing a fraud investigation continues to do little to endear itself to investors.
Grifphon Asset Management has missed another deadline to repay investors, the Portland Business Journal reports. The firm, which has promised to liquidate its funds to fill redemption requests, had told investors that it would collect the proceeds on Jan. 31, but the money did not arrive.
Grifphon would not say what had gone wrong, but told the PBJ, "while Grifphon continues to work towards the liquidation of all its partners, we are unable to begin distributing funds at this time."
"They continue, believe it or not, to make the same promises," one lawyer, who represents a couple that has been seeking its money for more than a year, said.
The Oregon Division of Finance and Corporate Securities last year launched a probe of Grifphon amidst complaints from investors about their inability to withdraw funds. In December, Grifphon founder Yusaf Jawed explained that the firm had been unable to obtain a necessary bridge loan.
Also last month, Grifphon settled a lawsuit—stemming from an unfilled redemption request—filed by an angry investor.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.