Tuesday, 21 October 2014
Last updated 14 min ago
Aug 11 2011 | 1:27pm ET
FrontPoint Partners' former top healthcare fund manager appears prepared to forego both of his days in court.
Joseph Skowron, who last week laid the groundwork for a guilty plea on insider-trading charges, has struck a deal with the Securities and Exchange Commission to settle its civil charges against him.
In a court filing today, Skowron's lawyers and the SEC said that have reached a settlement in principle to "fully resolve the SEC's claims against the defendant." The terms of that settlement are still unclear.
Skowron was arrested in April, accused of using tips from a French doctor to help FrontPoint avoid a $30 million loss. FrontPoint shut down Skowron's healthcare funds shortly after that doctor, Yves Benhamou, was charged last year. But the action failed to assuage investors, who continued to pull billions from the embattled firm, which announced earlier this year that it would close all be four of its hedge funds. Among the casualties was its flagship multi-strategy fund.
Skowron last week agreed to waive his right to be indicted. Such a move is generally followed by a plea agreement with prosecutors.
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 ...