Monday, 30 March 2015
Last updated 2 days ago
Feb 13 2013 | 12:06pm ET
An Ohio man has been convicted of running or participating in two hedge fund frauds.
Jonathan Davey was found guilty of conspiracy and tax evasion by a federal jury in Charlotte, N.C. According to prosecutors, he both served as a phony administrator to the Black Diamond Capital Solutions hedge fund, a $40 million scam in which Davey is the 11th person convicted, as well as a hedge fund fraud of his own. Davey collected more than $11 million for his Divine Circulation Services hedge fund, using his ties to Black Diamond to lure victims.
It took the jury just 45 minutes to convict Davey, who now faces up to 50 years in prison and $1 million in fines.
Davey was charged in the Black Diamond Ponzi scheme last February alongside three others, all of whom have since pleaded guilty. He was only the second of the 11 defendants in the case to go to trial; Black Diamond founder Keith Simmons was convicted in 2011 and sentenced to 50 years in prison.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…