Thursday, 25 December 2014
Last updated 1 day ago
Dec 2 2011 | 9:07am ET
A Chicago-area hedge fund has settled Securities and Exchange Commission charges that it lied to investors about its assets, returns and investments.
Paridon Capital Management and owner Jeffrey Neufeld, beginning in 2006, inflated the returns of their TCM Global Strategy Fund, as well as inflating their assets under management, in an effort to lure more investors into the fraud. What's more, much of the fund's money went to buying debt securities—not permissible investments for the fund, according to the SEC—which were not, in fact, debt securities at all, but a loan to Elgin, Ill.-based Paridon itself, the SEC complaint alleged.
And if that were not enough, Paridon then marked up those loans to hide other trading losses. Neufeld and Paridon, who earlier this year paid $53,000 to an "injured investor," did not admit or deny wrongdoing, although Neufeld agreed to pay a $75,000 fine.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.