Saturday, 27 December 2014
Last updated 3 days ago
Feb 22 2012 | 3:30am ET
A top hedge fund executive who pleaded guilty to aiding Thomas Petters' $3.65 billion Ponzi scheme has been barred from the securities industry.
The Securities and Exchange Commission said that Michelle Palm consented to its order with admitting or denying guilt. But the former Arrowhead Capital Management finance director has already done the former, pleading guilty in April to securities fraud and lying to a federal agent. She is cooperating with the investigation, and may testify against Arrowhead founder James Fry.
According to the SEC's lawsuit, filed in November, Palm and Fry helped Petters hide his scam by arranging secret note extensions and by lying to Arrowhead investors about the source of payments that were supposed to come from electronics retailers. Arrowhead allegedly earned some $42 million in fees funneling about $600 million to Petters, who was convicted two years ago and sentenced to 50 years in prison.
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.