Monday, 20 October 2014
Last updated 3 days ago
Nov 4 2011 | 10:24am ET
The former heads of collapsed Canadian hedge fund Norshield Asset Management suffered a pair of legal setbacks this week in their battle with the Ontario Securities Commission.
John Xanthoudakis and Dale Smith, the CEO and president of Norshield, respectively, had their appeal of the OSC's administrative action against them last year rejected. The OSC said that the Ontario Superior Court of Justice found that the regulator was "careful, comprehensive and complete" and that Xanthoudakis and Smith were not denied a fair hearing.
The court also rejected a second appeal by the men accusing the OSC of bias against them.
The OSC last year permanently barred Xanthoudakis, who was arrested earlier this year for his alleged role in another fraud case, and Smith, and fined the two men more than C$2 million each.
Investors lost some C$159 million when Norshield collapsed six years ago. According to the OSC, the hedge fund promised to invest its assets in U.S. hedge funds, but actually invested in offshore funds.
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 ...