Wednesday, 22 October 2014
Last updated 12 min ago
Oct 6 2011 | 11:09am ET
Frustrated by promises of payments—but no actual checks—investors in two Oregon hedge funds have expanded the scope of their litigation.
Clients of Grifphon Asset Management and Sasquatch Capital, under investigation by Oregon authorities for possible fraud, have sued the funds' accountants, alleging that Fred Williams and Hoang Nguyen prepared accountant statements rife with overvaluations.
Investors, who have accused Grifphon chief Yusaf Jawed and Sasquatch chief Lyman Bruhn of running a Ponzi scheme, said Williams and Nguyen prepared the statements "recklessly or through gross incompetence." Both men worked at Perkins & Co. during the period covered by the lawsuit, although neither are still with the firm.
The trouble for Grifphon and Sasquatch started when several investors became concerned when they were unable to redeem their money. Jawed has admitted that Grifphon has suffered from liquidity problems, but the firm's lawyer has repeatedly said that a sale of the hedge funds was imminent.
"We've been hearing that for 47 weeks now," Bob Banks, a lawyer for some of the investors, told the Portland Business Journal in August. "Every week we get an e-mail saying that it's imminent."
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...