Sunday, 23 November 2014
Last updated 1 day ago
May 2 2013 | 9:40am ET
A North Carolina hedge fund manager will plead guilty to misleading investors about almost $9 million in losses.
Stephen Maiden struck a plea deal with federal prosecutors, who accused the Maiden Capital Opportunity Fund manager of sending clients and its administrator "bogus account statements." Maiden suffered substantial losses between 2006 and 2009, but still reported positive returns to investors. In April 2009, Maiden claimed a monthly net return of 4.9% and a 30-month net return of 47%—in fact, prosecutors said, he had lost most of the money invested with him.
Maiden also made Ponzi scheme payments to some investors, sometimes using personal funds. Maiden Capital was insolvent by July of last year; Maiden signed the plea agreement in October.
Maiden, a former investment banker at JPMorgan Chase and analyst at Mangan & McColl Partners, faces up to 20 years in prison.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...