Tuesday, 21 October 2014
Last updated 48 min ago
Jun 19 2012 | 12:35pm ET
Accused hedge fund fraudster Andrey Hicks has been barred from the securities industry for allegedly ripping clients off to the tune of $2.5 million.
Hicks, who is awaiting trial on criminal fraud charges, was forbidden by the Securities and Exchange Commission from associating with investment advisers, broker-dealers and ratings agencies, among others. The ban comes three months after a federal judge ordered Hicks to pay $7.5 million in restitution and fines at the SEC's request.
Hicks did not oppose the bar; the SEC said he did not meet a May 18 deadline to explain why he shouldn't be so sanctioned.
According to prosecutors, Hicks told clients that he developed Locust Offshore Management's algorithmic systems while studying at Harvard University, but failed to mention that he flunked out after three semesters and only barely passed the only math class he took. He also falsely claimed to have worked for Barclays and that Locust managed $1.2 billion, prosecutors say.
Hicks' largest alleged victim is Kris Humphries, who plays for basketball's New Jersey Nets, but who is perhaps best-known for his very short-lived marriage to reality television star Kim Kardashian. He allegedly lost about $617,000.
Hicks was arrested in Canada last year trying to flee to Switzerland. If convicted of the wire fraud charges, he faces up to 20 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…
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...