Saturday, 30 August 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...