SEC Sues Former Chicago Hedge Fund Managers

Oct 4 2012 | 11:28am ET

The Securities and Exchange Commission has sued a husband-and-wife team, accusing them of ripping off investors in their hedge fund.

Norman Goldstein and the appropriately-named Laurie Gatherum took at least $147,000 more than they were entitled to through excessive fees and capital withdrawals. While the Chicago couple's GEI Financial Services returned $3.6 million to investors after losing their state license last year due to a number of violations, they still owe the rest, the SEC said.

"For years, the defendants have demonstrated a complete disregard toward the securities laws, their clients and the state of Illinois," the regulator said in its complaint. "They long ago abandoned their fiduciary responsibilities towards their clients."


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...