Friday, 26 December 2014
Last updated 2 days ago
Sep 1 2011 | 8:23pm ET
The Securities and Exchange Commission has frozen the assets of a Chicago hedge fund, alleging that Neural Markets misled prospective investors.
The asset freeze, stemming from the SEC's lawsuit filed last month, also covers Neural founder Belal Faruki. According to the agency, Neural claimed to run a quantitative arbitrage hedge fund investing in exchange-traded funds. But the firm lied about managing outside capital and about its returns.
Neural continued to solicit investors until the SEC won a court order against the firm.
Faruki, in an interview with Dow Jones Newswires, denied the allegations. He said that Neural had never claimed to be a money manager or hedge fund, and that it never sought outside capital.
The investor the SEC says was defrauded out of $1 million is, in fact, a partner in Neural, Marc Tishfield, Faruki said.
"This partner has been blackmailing and attempting to extort money from the other partners," he added.
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.