Tuesday, 30 September 2014
Last updated 4 min ago
Feb 16 2011 | 3:53am ET
Prominent hedge fund manager and former CNBC analyst Brian Kim has been charged with ripping investors off to the tune of $4 million.
The charges against Kim, who is a fugitive, were announced yesterday by Manhattan District Attorney Cyrus Vance. According to Vance, the Liquid Capital Management founder promised investors that he would put their money in “safe, stable and consistently profitable securities” but instead lost millions on futures contracts—and stole some of the rest.
Kim was also sued the Commodity Futures Trading Commission, which said he fraudulently raised at least $2.1 million, using some of the money to pay for such mundane things as groceries and his car loan, as well as on vacations and posh duds.
According to the CFTC, Kim invested only $668,000 of the millions he raised between January and October of last year. The rest, he spent on himself and on Ponzi scheme payments to other investors.
Kim failed to appear at his trial on separate grand larceny and forgery charges last month, stemming from his alleged theft of more than $435,000 from his New York condominium homeowners association. He faces up to 25 years in prison on the new charges.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...