Monday, 22 September 2014
Last updated 8 min ago
Mar 15 2013 | 12:36am ET
A former hedge fund CFO has been sentenced to almost three-and-a-half years in prison for stealing more than $1 million from his firm.
Darrin Foster pleaded guilty to embezzling the funds from Turkel Investments in October. Prosecutors said he made thousands of unauthorized charges for personal expenses on his corporate American Express card and paid the bills from the hedge fund’s bank accounts. Foster, who worked at Turkel from 1993 through 2010, ran the fraud from 2004 through 2010.
Among the things Foster had the hedge fund pay for were expensive car rentals, vacations, meals and electronics.
Foster was sentenced to 41 months in prison by U.S. District Judge Janet Bond Arterton in New Haven, Conn., followed by three years of supervised release.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.