Thursday, 2 October 2014
Last updated 9 min ago
Jun 29 2012 | 11:44am ET
A New Jersey man has been charged with a $4 million hedge fund fraud—on top of another scam to steal an elderly woman's life savings.
Federal prosecutors in New Jersey slapped George Sepero with 17 counts of wire fraud and conspiracy for the hedge fund fraud. Sepero is also charged with conspiracy for stealing the ailing woman's life savings, promising to invest the money in an annuity.
Sepero and his accused partner, Carmelo Provenzano, were arrested last year. According to prosecutors, they trumpeted triple-digit returns and a proprietary algorithmic trading system, none of which existed, the complaint alleges, sending clients faked statements and e-mailing them screenshots of their much-ballyhooed computer trading program.
Instead, Sepero and Provenzano used most, if not all, of the money raised to fund an extravagant lifestyle and to repay previous investors as part of a Ponzi scheme.
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...