Tuesday, 23 September 2014
Last updated 6 hours ago
Sep 30 2011 | 10:49am ET
Most hedge fund managers wouldn't cheer a Securities and Exchange Commission fraud lawsuit, but NIR Group's Corey Ribotsky is doing just that.
Ribotsky, who was accused this week of misappropriating more than $1 million to pay for luxury cars and other lavish personal expenses, was "vindicated" by the SEC's lawsuit, NIR said in a statement. "There are no claims that NIR fraudulently valued the assets of the funds or that NIR took fees that it was not entitled to take," two of the key allegations made by the investors whose own lawsuits against the Roslyn, N.Y.-based hedge fund precipitated the SEC investigation.
"After years of investigating claims of Ponzi scheming and fraudulent valuation, primarily lodged by two former disgruntled employees who had been terminated for improper conduct, the NIR group and its managing partner, Corey Ribotsky have been vindicated in part by the fact that the Securities and Exchange Commission's long-running investigation failed to make a case in support of these specious claims."
NIR did not explicitly deny the SEC allegations, noting only that they focus on "approximately $1 million against the backdrop of a fund that had in excess of $800 million in total assets in addition to tens of millions of dollars paid to NIR." NIR said it would defend itself in court.
"I think the complaint appears to be a stretch in an attempt to justify approximately two years of time and resources poured into the investigation," Brad Gerstman, Ribotsky's lawyer, said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.