Saturday, 30 August 2014
Last updated 1 day ago
Mar 6 2013 | 9:44am ET
Two men on opposite sides of the country are accused of running a hedge fund fraud that ensnared a member of the National Basketball Association champions Miami Heat.
According to the Securities and Exchange Commission, South Dakota's Randy Hansen and New Jersey's Vincent Puma ripped investors in the RAHFCO Hedge Funds off to the tune of $10 million. The two allegedly sent phony account statements to investors to prop up their Ponzi scheme, instead of following through on the options, futures and equities strategy promised.
"They misrepresented their trading success, they misused investor funds to make Ponzi payments to other investors, and they used investor funds for the defendants' own purposes," the lawsuit, filed in New York, alleges. Hansen stole $1.95 million and Puma $1.65 million, the SEC said.
Hansen and Puma raised more than $23.5 million from more than 100 investors, including the Heat's Mike Miller, who sued the two men last year. Miller, a South Dakota native, invested $1.7 million; his lawyer said he's recovered "a substantial portion" of the money.
Hansen and Puma are only the latest charged in the fraud. Anthony Johnson pleaded guilty to a role in the scheme last year. A RAHFO trader, Ward Onsa, pleaded guilty in another hedge fund fraud case two years ago.
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 ...