Thursday, 18 September 2014
Last updated 18 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.