Wednesday, 6 May 2015
Last updated 25 min 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…