Tuesday, 5 May 2015
Last updated 2 hours ago
Nov 11 2011 | 12:04pm ET
A California hedge fund manager is accused of ripping off investors in two separate scams.
The Securities and Exchange Commission yesterday sued Del Mar-based Western Pacific Capital Management and its president, Kevin O'Rourke. According to the complaint, the two lied to investors about the liquidity of Western Pacific's hedge fund, The Lighthouse Fund, as well as pushing investors into a stock offering on which it received undisclosed commissions.
Between 2005 and 2008, O'Rourke and Western Pacific allegedly told investors in Lighthouse that only a quarter of its assets were illiquid. In fact, according to the SEC, the figure was closer to 90%. What's more, the $75 million firm improperly favored one investor's redemption request over another.
O'Rourke and Western Pacific are also accused of flogging a stock sale by Ameranth Inc. to clients without telling them that it was in line for a 10% "success fee." Western Pacific earned some $450,495 in commissions on investments made by its clients.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…