Thursday, 2 October 2014
Last updated 1 hour ago
Feb 5 2013 | 2:25am ET
The chief fundraiser for convicted Ponzi schemer Thomas Petters unexpectedly pleaded guilty to fraud charges Friday, putting a halt to the trial of a hedge fund manager charged with aiding the scam.
Frank Vennes, who has repeatedly denied the charges against him, entered his new plea in St. Paul, Minn., court, just days before he and Arrowhead Capital Management founder James Fry were to go on trial for wire fraud, bank fraud, securities fraud, money launder and making false statements. That trial has now been postponed; a new date has not yet been set.
Vennes had faced 26 counts at trial but pleaded guilty to only two. He could get up to 15 years in prison on the aiding and abetting securities fraud and unlawful monetary activity convictions.
Fry's lawyer said he was "mystified" by Vennes' guilty plea. It is unclear how it could affect Fry, the only one of the 13 people charged in the whose case lacks a conclusion. Eleven of the 13 have pleaded guilty and Petters was convicted and sentenced to 50 years in prison.
Fry, who was first charged in 2011, allegedly lied to investors about Petters' default on notes owned by Arrowhead and failed to tell clients about Vennes' criminal past.
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...