Wednesday, 22 October 2014
Last updated 3 min ago
Dec 14 2011 | 3:53am ET
The first of three men to plead guilty in a $540 million hedge fund Ponzi scheme will learn his fate today.
A federal judge in Connecticut will sentence Juan Carlos Guillen Zerpa this morning. Prosecutors are seeking between 27 and 33 months for the Venezuelan accountant, who admitted to producing a bogus letter verifying $275 million in imaginary assets.
Zerpa and another man, Juan Carlos Horna Napolitano, who has also pleaded guilty, were paid more than $3 million for the letter by Francisco Illarramendi. Illarramendi has also pleaded guilty, to running the Ponzi scheme at his Michael Kenwood Group and Highview Point Partners.
Guillen will be sentenced in January. Illarramendi’s sentencing has yet to be scheduled.
The receiver in the case has said he expects to recover between $310 million and $350 million. Most of the losses were borne by the pension fund of Venezuela’s state-owned oil company.
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 ...