Thursday, 2 October 2014
Last updated 17 hours ago
May 8 2012 | 10:01am ET
A self-proclaimed "legitimate hedge fund" manager has been charged with being anything but.
A federal grand jury in Chicago last week indicted Dimitry Vishnevetsky on mail, wire and bank fraud charges. Prosecutors said that Vishnevetsky sold a variety of investments through his Hodges Trading and Oxford Capital, including funds "which existed in name only." The scam ran for almost six years as Vishnevetsky collected about $1.7 million from investors, some of whom received Ponzi scheme-payments as Vishnevetsky sought to cover his fraud, prosecutors said.
In addition to the Ponzi payments, Vishnevetsky used the money on himself. The money he actually traded "consistently resulted in net losses, not profits," according to the indictment.
The Commodity Futures Trading Commission filed a parallel lawsuit against Vishnevetsky, Hodges and Oxford.
Vishnevetsky has pledged a vigorous defense.
The allegations in the indictment are "completely false," he told the Chicago Sun-Times. "We're a legitimate hedge fund."
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...