Wednesday, 17 September 2014
Last updated 17 hours 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.
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…
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