Monday, 30 March 2015
Last updated 3 hours ago
Mar 11 2011 | 12:39pm ET
The Financial Industry Regulatory Authority has expelled a defunct hedge fund and its manager for defrauding investors by overvaluing assets.
According to the regulator, MICG Investment Management and founder Jeffrey Martinovich overvalued two non-public securities owned by the MICG Venture Strategies hedge fund, using the higher valuations to overcharge investors hundreds of thousands of dollars in management fees. Martinovich and MICG also induced an elderly, non-accredited investor to invest $75,000 in the hedge fund.
"MICG and Martinovich used the proprietary hedge fund to unjustly enrich itself," FINRA enforcement chief Brad Bennett said. "This extreme abuse of trust, and their disregard for the interests of public investors, demonstrated their unfitness for participation in the industry."
Both Newport News, Va.-based MICG, which tendered its broker-dealer license and shut its doors in May of last year, and Martinovich consented to the FINRA order without admitting or denying guilt.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…