Tuesday, 30 September 2014
Last updated 4 hours 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.
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...