Wednesday, 25 November 2015
Last updated 1 hour 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…