Thursday, 28 August 2014
Last updated 13 min 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.
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 ...