Saturday, 25 October 2014
Last updated 13 hours 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.
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…
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