Friday, 28 November 2014
Last updated 15 hours ago
Sep 27 2011 | 12:42pm ET
A California hedge fund fraudster faces up to 20 years in prison after pleading guilty to running a $5 million Ponzi scheme.
John Clement entered his plea on wire fraud charges last week. According to prosecutors, he promised, á la Bernard Madoff, steady if unspectacular monthly returns of between 1.5% and 2% with minimal risk. But he actually used the money invested in his Edgefund Capital to repay earlier investors.
Some 22 people were caught up in the Encinitas man's fraud.
Clement, 65, will be sentenced on Dec. 20. He also faces a fine of up to $250,000.
A federal judge froze Clement's assets in May as his Ponzi scheme began to collapse.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...