Monday, 20 October 2014
Last updated 4 min 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.
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 ...