Friday, 31 October 2014
Last updated 7 hours ago
Sep 25 2012 | 11:52am ET
Convicted hedge fund fraudster David Mobley avoided a return to prison yesterday.
The Florida felon's probation officer filed a parole revocation petition after Mobley went a year after his release without making a single payment towards the $77 million in restitution he was ordered to pay. But after the probation officer told him about her plans, he quickly got a job as a laborer, making $8 per hour, and has paid $400 to his victims.
A federal judge in Fort Myers, Fla., dismissed the petition in light of Mobley's payments, but ordered him to pay a quarter of his monthly gross income toward the restitution and warned him that he may be forced to serve out the rest of his 17-and-a-half-year sentence if he slips up again.
Mobley was convicted in 2001 of ripping off investors in his Maricopa International Investment of $140 million. According to prosecutors, he lied to clients about how much he was managing and how well that money was doing, spending lavishly on homes, cars, jewelry and failed business ventures.
He was released from prison in August 2011.
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…
Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.