Wednesday, 25 November 2015
Last updated 10 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…