Tuesday, 30 September 2014
Last updated 3 hours ago
May 10 2012 | 10:32am ET
Less than a month after the death of the man who defrauded them of their money, Arthur Nadel's victims are finally set to get their first payouts.
U.S. District Judge Richard Lazzara has approved the first distribution of $26 million, more than three-quarters of the money they've recovered from the $162 million Ponzi scheme. The payouts amount to about 20% of the 340 approved claims in the case.
The first checks went out on Monday.
Receiver Burton Wiand is still pursuing further recoveries for victims.
"I am delighted to have reached the point in time when the victims of Mr. Nadel's crimes can begin to receive a return of some of the funds that they had lost."
Nadel died on April 16 at the North Carolina federal prison where he was serving a 14-year sentence. He pleaded guilty two years ago to running a decade-long fraud, admitting that he made up his six hedge funds' net asset values and wildly overstated their performance.
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...