Friday, 29 August 2014
Last updated 11 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...