Monday, 22 December 2014
Last updated 1 hour ago
Nov 2 2011 | 8:35am ET
A Florida hedge fund manager has pleaded guilty to defrauding investors of $2.3 million, stealing a substantial chunk of the money raised.
Anthony Klatch, 27, entered his plea to conspiracy, securities and wire fraud and money laundering charges on Friday, the U.S. Attorney's Office in Mobile, Ala., said. Klatch admitted that he and his late partner, Timothy Sullivan, invested only about 60% of the money they raised from seven investors for their TASK Capital Partners. The rest went elsewhere, almost $200,000 of it to Klatch's personal bank accounts.
At least that money, or some of it, can be recovered: Klatch and Sullivan lost the money they actually invested in just eight months.
Klatch agreed to forfeit $2.3 million, including a backpack with $25,000 in cash and the money in foreign banks that has seen him jailed as a flight risk since his arrest in August. He faces up to 20 years in prison, although prosecutors agreed to push for leniency in exchange for Klatch's cooperation.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.