Thursday, 18 December 2014
Last updated 10 hours ago
Aug 22 2007 | 11:18am ET
The Securities and Exchange Commission has suspended John Fife, principal of hedge fund Clarion Management.
Fife formed the firm exclusively for the purpose of market timing through variable annuities. According to the SEC, between 2002 and 2003 Fife schemed to purchase variable annuity contracts issued by the Lincoln National Life Insurance Company in order to engage in market timing in international mutual funds. Fife’s scheme involved using fictitious family trusts owned by Clarion to purchase from Lincoln what the firm otherwise could not have purchased in its own name.
When his market timing in the Lincoln variable annuity contracts became excessive, Lincoln restricted trading in those contracts. But Fife continued to purchase more variable annuity contracts, including using previously unused trusts and trustees with mailing addresses in different parts of Chicago.
On August 9, a final judgment was entered against Fife barring him from associating with any investment advisor for 18 months.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.