Friday, 25 July 2014
Last updated 17 hours ago
Jul 5 2011 | 12:47pm ET
An allegedly phony hedge fund manager is facing jail after he was charged with running a $7 million Ponzi scheme.
Charles Vaughn promised returns of up to 50% per year, prosecutors allege, winning the money from at least 25 people. But, according to the complaint, he spent the money on himself and on paying out redemptions to other investors in his CM Vaughn fund.
The Atlanta man recruited investors in Georgia, Florida, Michigan, North Carolina and Tennessee, guaranteeing returns of between 2% and 3.5% each month. The scam ran from July 2004 though at least March 2008, according to the U.S. Attorney's office.
Vaughn faces decades on prison on the five wire fraud and nine mail fraud counts.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…