Monday, 20 October 2014
Last updated 7 hours ago
Aug 21 2012 | 10:18am ET
Peregrine Financial Group founder Russell Wasendorf may have already confessed to running a $200 million fraud, but in court, he wasn't ready to make any such admission.
Wasendorf, who was arrested last month as PFG collapsed, pleaded not guilty to 31 counts of lying to regulators on Friday. Wasendorf has been held in prison since his arrest and attended the 10-minute hearing in Cedar Rapids, Iowa, federal court in an orange prison jumpsuit and in shackles. He is the only person who has been charged in the futures brokerage's failure.
Wasendorf attempted to commit suicide as his alleged fraud unraveled. Investigators found a confession apparently written and signed by Wasendorf in which he admits he "committed fraud" and "cheated," and lambasted regulators for harassing him.
The note also allegedly includes the admission that he took "more than $100 million" in client money to shore up the firm, pay fines and fees, and build PFG's new Cedar Falls, Iowa, headquarters.
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 ...