Wednesday, 17 December 2014
Last updated 5 hours ago
Aug 3 2011 | 10:27am ET
A Philadelphia lawyer and aide to a Florida congressman has pleaded not guilty to charges that he ripped off a hedge fund.
Mikel Jones' trial on fraud and money laundering charges is set to begin in September in Philadelphia. The longtime aide to Rep. Alcee Hastings (D-Fla.) and longtime friend of Rep. Chaka Fattah (D-Pa.), Jones is accused of using "fraudulent invoices and false representations" to win loans from the New York hedge fund, which is not identified.
Jones accepted more than $300,000 in loans from the hedge fund, according to the indictment against him. He is also accused of borrowing $150,000 from a program run by the city of Philadelphia to support minority-owned businesses while repaying only $20,000.
"Did I use some of the [Philadelphia Commercial Development Corp.] money for personal use? Yes," Jones admitted to the Federal Bureau of Investigation, according to court filings. "If I don't survive, the law firm doesn't survive, and the loan was to help the law firm survive."
But prosecutors allege that some of the money paid for football tickets, his wife's American Express bill and a lavish birthday party for his wife.
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.