Tuesday, 21 October 2014
Last updated 7 hours ago
Aug 19 2011 | 4:45am ET
Hedge fund fraudster Robert Sucarato may spend more time behind bars than he bargained for when he pleaded guilty in January.
Sucarato’s sentencing for defrauding investors of $1.6 million has been postponed until October—because the New Jersey federal judge overseeing the case is mulling extra time in the pokey for the New York Financial Co. founder. Federal sentencing guidelines call for between six-and-a-half and eight years in prison, but “the court was contemplating sentencing above the advisory guideline range,” the U.S. Attorney’s Office for New Jersey told HedgeFund.net.
As a result, Sucarato’s defense team has been given time to “respond to the court’s contemplation.”
Sucarato was arrested in April, accused of lying to investors about, well, just about everything. He allegedly told investors his hedge fund managed $7.2 billion when, in fact, its accounts had just $110,000. He allegedly claimed to have a degree from New York University, when he didn't, and, for good measure, allegedly "embellished biographies" of the firm's other executives. He also allegedly boasted of offices in New York and Chicago which did not exist.
Prosecutors said of the $1.7 million NYFC raised, Sucarato stole almost $500,000, lost another $850,000 and used the rest to prop up his Ponzi scheme.
Sucarato was to be sentenced on Wednesday, but will now learn his fate on Oct. 11.
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 ...