Monday, 20 October 2014
Last updated 8 hours ago
Aug 15 2011 | 2:24pm ET
Hedge fund fraudster Benjamin Koifman was sentenced to more than five years in prison on Friday.
Koifman is one of four men to plead guilty in the A.R. Capital case. That fraud cost investors some $20 million. Most of the money cannot be recovered, prosecutors said.
U.S. District Judge Sidney Stein sentenced Koifman to five years and three months in prison. At a separate hearing on Friday, he said he intends to sentence one of Koifman's co-conspirators, William Shternfeld, to the same jail term, but agreed to delay his sentencing until October.
Shternfeld, who suffers from oral cancer and wears a mouth prosthesis, has argued that the federal Bureau of Prisons is not equipped to care for him.
"I'm ready to be sentenced," Shternfeld told Stein. "But do I have to go through torture every day?"
For his part, teary Koifman told Stein that he had done "terrible things." But Stein was unmoved.
"He kept calling elderly people. They took the money and ran," Stein said. "That's pretty pernicious."
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 ...