Thursday, 2 October 2014
Last updated 17 min ago
Feb 16 2011 | 8:31am ET
New York hedge fund manager and sometime TV pundit Brian Kim has been accused of masterminding a $4 million Ponzi scheme.
Manhattan DA Cyrus Vance said Tuesday Kim, who remains at large, had been indicted on charges of grand larceny and scheme to defraud for a scam that started in 2003. Kim is accused of defrauding 45 West Coast investors, according to the New York Daily News. Kim is said to have preyed on tech workers in Silicon Valley and Washington.
"The defendant induced his clients to make risky and speculative investments by portraying himself as an accomplished trader and money manager," Vance said.
The 35-year-old made two appearances on CNBC’s financial news show “Squawk Box” in 2009, during which he is alleged to have promoted his fraudulent investment business. Officials claim he also doctored financial statements and told investors he’d generated returns of 240% since 2000.
Kim also faces a civil suit, filed Tuesday by federal regulators, which claims he stole at least $2.1 million from 37 investors in 2009 and 2010.
Officials say Kim has been AWOL since January, when he failed to show up for a Manhattan trial on a separate charge (he is alleged to have stolen $438,000 in 2008 from the East Village condo where he lived).
Kim, if convicted, could face up to 25 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…
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...