Sunday, 29 March 2015
Last updated 1 day ago
Jun 26 2012 | 11:55am ET
When one settles fraud charges with the Securities and Exchange Commission, it's best to keep one's personal spending quiet.
That's advice that hedge fund manager Lawrence Goldfarb allegedly failed to heed. Goldfarb, head of LRG Capital, was held in civil contempt last week by a federal judge in San Francisco; authorities say that Goldfarb spent almost $300,000 on "personal luxury expenses" while paying only $80,000 of the $14.2 million he agreed to pay last year to victims of his alleged fraud.
Among the big-ticket items Goldfarb bought since striking the deal were $43,000 tickets to see basketball's Golden State Warriors. At a hearing last month, U.S. District Judge William Alsup said, "I haven't spend a tenth of that much money in my entire life on sports tickets. This is just a different planet."
Goldfarb also alleged spent more than $46,000 on three chartered flights, some $39,000 on luxury hotels and a vacation house, nearly $12,000 for an engagement party and $8,000 at the Pottery Barn.
"This guy is living high on the hog while the poor, defrauded investors get nothing," Alsup said.
Goldfarb could now face the seizure of his assets and could be charged criminally.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…