Saturday, 20 December 2014
Last updated 1 day ago
Feb 8 2012 | 12:58pm ET
A fake Atlanta hedge fund manager was sentenced to more than eight years in prison for ripping off investors to the tune of $8.8 million.
Charles Vaughn ran a $10 million Ponzi scheme, raising some $10 million from at least 25 investors for his CM Vaughn "hedge fund." Vaughn promised monthly returns of 2% to 3.5% in the scam, which ran from July 2004 through March 2008. In addition to the Ponzi-style payments, Vaughn skimmed investor capital for to pay his own personal expenses.
Vaughn also sent out phony account statements and promised that investors' capital would be insured as to prevent them from falling below a given backstop.
Vaughn, who pleaded guilty to fraud in October, was sentenced to eight years and four months in prison and three years' supervised release. He was also ordered to pay $8.8 million in restitution.
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.