Saturday, 20 September 2014
Last updated 1 day ago
Oct 25 2011 | 6:52am ET
Federal prosecutors won a seventh guilty plea in a $40 million hedge fund fraud case yesterday.
Brian Coats pleaded guilty to conspiracy, securities fraud, wire fraud and promotional money-laundering conspiracy. According to prosecutors, Coats and seven others ran a fraudulent hedge fund and Ponzi scheme from 2007 through the end of 2009. Many of the group's victims were elderly.
Coats, his three companies and his co-conspirators told investors they managed a hedge fund called Black Diamond. The eight transformed the scam into a Ponzi scheme when it began to collapse in 2009.
Coats faces up to 15 years in prison and a $500,000 fine.
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.