Tuesday, 23 September 2014
Last updated 8 hours ago
Jul 19 2011 | 12:49pm ET
A North Carolina man has pleaded guilty to running a nearly $1 million hedge fund Ponzi scheme.
Dennis Hagemann of Raleigh pleaded guilty to 12 counts of securities fraud in North Carolina state court on Friday. According to prosecutors, he never invested a dime of the $980,000 that at least 10 clients entrusted to his Yellowstone Partners, instead using the proceeds from new investors to repay old ones—and himself.
Hagemann promised those investors huge returns, including at least one instance of claiming that he'd doubled investors' money every week. The Securities and Exchange Commission, which won a $1.6 million judgment against him earlier this year, accused Hagemann of promising 300% returns and claiming connections to luminaries including late former Russian President Boris Yeltsin.
Hagemann faces at least 12 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 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.