Thursday, 28 August 2014
Last updated 12 hours ago
Aug 8 2012 | 12:38pm ET
Seven months after Osiris Partners' chairman skipped town with all of its money, New Jersey officials have sued the hedge fund for fraud.
According to the lawsuit, Osiris ripped off about 76 investors to the tune of at least $4 million of the $12 million raised. The lawsuit names Osiris, an affiliate and employees and others who sold interests in the hedge fund, including the missing chairman, Peter Zuck.
New Jersey said Zuck was a three-time convicted criminal, a fact that Osiris did not mention to investors.
"We allege these defendants enriched themselves by pocketing at least $4 million of investors' hard-earned money from the fund while they concealed substantial losses," Jeff Chiesa, New Jersey's attorney general, said. The lawsuit alleges that Osiris also sent investors phony account statements and overstated its assets to charge higher management fees, and is seeking to freeze the defendants' assets.
"This case clearly illustrates why we urge consumers to perform their due diligence before investing their money," Eric Kanefsky, acting head of the Garden State's Division of Consumer Affairs, said. "Unregistered people selling unregistered securities are serious red flags, as is any past criminal history in the securities industry."
In addition to Zuck and his wife, Laurie Mazza, the lawsuit names Osiris CEO Michael Spak, Controller Joseph Spak and Chief Operating Officer John Najarian, as well as five others and four relief defendants.
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 ...