Tuesday, 23 September 2014
Last updated 11 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.
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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.