Saturday, 25 October 2014
Last updated 1 day ago
Nov 3 2011 | 8:46am ET
Hedge fund Drake Asset Management has been rapped by the Securities and Exchange Commission over allegations that it sought to scam purchase limits on seven public stock offerings.
According to the SEC's complaint, Long Island-based Drake and co-owner Oliver Grace hid their relationship in order to evade the purchase limits on the over-subscribed offerings by seven banks. The hedge fund ran the scheme from 2003 through 2007, the regulator said, earning $610,781 in illicit profits.
Both Drake and Grace have settled the SEC's case, the latter agreeing to pay almost $1 million in disgorgement, prejudgment interest and fines, and the former $175,000 in fines.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.