Thursday, 2 October 2014
Last updated 39 min ago
Nov 23 2011 | 7:27am ET
The investigation into former hedge fund manager Alberto Micalizzi has grown to include five other people linked to his collapsed fund, Dynamic Decisions Capital Management.
A former director of the London-based hedge fund, Marta Renzetti, is among those under investigation, Reuters reports. The homes of Renzetti and commodities trader Daniele Palla have been raided by Italian police, as were the home and office of Micalizzi last week. In addition, Italian authorities are looking into two Americans and a Russian who may have helped Micalizzi cover possible fraud at the hedge fund.
The renewed investigation follows an August Reuters report that found that almost all of Dynamic Decisions’ DD Growth Premium Fund’s US$550 million in assets were invested in highly illiquid bonds issued by a company based in a trailer park outside of Phoenix and backed by a global network of shell companies. What's more, Reuters found, the head of the Phoenix company was a fugitive from justice in the U.S. and the head of one of the charities that backed the bonds was a Russian who had been convicted of fraud.
The head of the Phoenix company, David Spargo, is among those Italian police are eyeing, as is the Russian charity head, Vladimir Kobzar. The sixth person under investigation is Alex Glenn, former head of an Australian oil company Palla claimed to represent. But Reuters reports that it “found little evidence of the company” in visits to its three supposed offices.
Sandradee Joseph, the former Dynamic Decisions chief compliance officer barred from the financial services industry by the U.K.’s Financial Services Authority this week, is not among those being probed in the Italian investigation.
Micalizzi has denied any wrongdoing. But Palla, in an interview with Reuters earlier this year, claimed that Micalizzi “cheated us. He signed the contract, purchased a number of bonds and he didn’t pay for it.”
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…
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