Friday, 29 August 2014
Last updated 10 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...