Tuesday, 1 December 2015
Last updated 10 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…