Wednesday, 17 December 2014
Last updated 5 hours ago
Apr 13 2011 | 4:27pm ET
Burton Wiand, the court-appointed receiver in the Arthur Nadel Ponzi scheme, will soon have some more time to focus on recovering assets from that fraud.
Wiand is set to wind up the receivership of another hedge fund fraudster, Howard Waxenberg, shortly. Victims of the $140 million scam will receive their final payments shortly, Wiand said.
Waxenberg's scheme cost investors some $36 million; Wiand said victims should get at least 28% of their losses. Waxenberg committed suicide in 2005, leading the SEC to seize his firm and assets.
Investors have already been paid $10.2 million by Wiand; a federal judge recently approved the final $274,276 in payouts.
Waxenberg launched his hedge fund in California after being barred from the securities industry for lying to investors. He later moved to Bradenton, Fla., which sits in between Nadel's base in Sarasota and Wiand's office in Tampa.
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.