Tuesday, 1 December 2015
Last updated 18 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…