Tuesday, 30 September 2014
Last updated 23 min ago
Sep 27 2012 | 12:18pm ET
A New Jersey hedge fund manager has admitted to running a $4 million fraud.
Michael Spak pleaded guilty to conspiracy to commit wire fraud yesterday in Camden, N.J., federal court. According to prosecutors and a lawsuit filed by New Jersey's attorney general, Spak and his co-conspirators at Osiris Partners ripped off about 76 investors, lying to them about their performance while spending money on unusual investments, such as a $300,000 sport fishing boat. Osiris also allegedly inflated the amount of assets it managed to charge more in management fees.
Prosecutors said that Spak, who served as the hedge fund's CEO, and Osiris marketed their wares to "little guys" and "mom and pops."
Spak faces up to 20 years in prison when he is sentenced in January.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...