Thursday, 18 December 2014
Last updated 14 hours ago
Mar 29 2012 | 11:17am ET
One of the 11 people charged in the Black Diamond Capital Solutions fraud case has been arrested at a North Dakota psychiatric facility.
Michael Murphy is accused of running phony hedge funds as part of a $40 million Ponzi scheme; his indictment last month alleged that from October 2007 through April 2010, Murphy and his 10 alleged co-conspirators lied to investors to keep their scam afloat.
Murphy was arrested after failing to appear for a hearing in North Carolina federal court. He was arrested at a Fargo psychiatric hospital.
Prosecutors are currently battling to keep Murphy in custody. U.S. Magistrate Judge Karen Klein rejected a pretrial services officer's recommendation in approving Murphy's bid to be released into the custody of two friends; prosecutors appealed, calling for Murphy to be taken to North Carolina by the U.S. Marshals.
If convicted, Murphy faces up to 50 years in prison.
Six of the seven men indicted before Murphy pleaded guilty in the case and the seventh, Black Diamond founder Keith Simmons, was convicted by a jury.
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.