Tuesday, 30 September 2014
Last updated 1 hour ago
Dec 13 2012 | 12:49pm ET
Hedge fund fraudster Andrey Hicks pleaded guilty yesterday to defrauding investors of $2.3 million.
Hicks, who was arrested last year in Canada while trying to flee to Switzerland, pleaded guilty to five counts of wire fraud in Boston federal court. He faces up to 20 years in prison when he is sentenced in March.
The 28-year-old Hicks lied to investors about his education, his work history and his Locust Offshore Management's assets under management, prosecutors alleged. According to the indictment, Hicks told clients that he developed Locust's algorithmic systems while studying at Harvard University, but failed to mention that he flunked out after three semesters and only barely passed the only math class he took. He also falsely claimed to have worked for Barclays and that Locust managed $1.2 billion, prosecutors say.
Prosecutors said Hicks simply stole most of the $2.5 million he raised from clients, much of it from Brooklyn Nets basketball player Kris Humphries.
Hicks' guilty plea—he had previously professed his innocence—comes after a federal judge in March ordered him to pay more than $7.5 million in fines and restitution.
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...