Wednesday, 22 October 2014
Last updated 13 hours ago
Aug 4 2011 | 12:56pm ET
Admitted hedge fund fraudster Francisco Illarramendi has accepted a lifetime ban from the securities industry, the Securities and Exchange Commission said.
Facing up to 70 years in prison, Illarramendi, who pleaded guilty in March to running a $540 million Ponzi scheme, may figure he won't be needing the work, anyway: The SEC said it accepted his offer of a lifetime ban.
Illarramendi pleaded guilty to charges that he misappropriated more than $50 million invested in his Michael Kenwood Group and Highview Point Partners. He admitted that he engaged a pair of Venezuelans to provide a bogus letter from an accountant in that country verifying the existence of $275 million in imaginary assets.
Among the victims of Illarramendi's fraud was the pension fund for employees of Venezuela's state-owned oil company.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...