Monday, 20 October 2014
Last updated 2 days ago
Sep 21 2012 | 11:44am ET
Four men have been charged with ripping off investors with a bogus hedge fund scam that promised to profit from investments in Iraq.
Rudolph Coenen of Florida and three men from Toledo, Ohio, were slapped with 83 counts of money laundering and fraud. Prosecutors say they raised $24 million from tens of thousands of investors for two hedge funds that didn't actually exist.
Bayshore Capital Investments and BH Group flogged Iraqi dinar sales, telling clients that the investments were protected by the U.S. government and would soar in value following a revaluation. Coenen even called the Sean Hannity show in 2010 to promote the Iraqi currency.
But the very existence of the hedge funds wasn't the only thing Coenen and his co-conspirators were allegedly lying about. Prosecutors say the men promoted Coenen as a wounded veteran of the first Gulf War; in fact, he didn't serve in the conflict or win a Purple Heart.
"These defendants made false statements time and again to convince people to part with their savings and hard-earned cash," U.S. Attorney Steven Dettelbach said. "The fact that one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious."
In addition to Coenen, prosecutors have charged Charles Emmenecker, Bradford Huebner and Michael Teadt.
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 ...