Thursday, 25 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.