Tuesday, 23 September 2014
Last updated 8 hours ago
Jun 6 2013 | 11:01am ET
Ponzi schemer Thomas Petters' top fundraiser was grilled by lawyers for the hedge fund manager yesterday over aiding and abetting Petters' fraud.
James Fry's attorneys took aim at Frank Vennes' credibility during their questioning. Vennes is the first of two former Petters executives expected to take the stand as Fry's team builds his defense; whistleblower Deanna Coleman is expected to testify today.
Prosecutors allege that Fry lied to investors in his Arrowhead Capital Management, both about Petters' default on notes owned by the hedge fund and about Vennes' criminal record. Fry, who is not accused of knowing about Petters' fraud, claims he did not knowingly lie to investors.
Yesterday, Joe Friedberg, attempted to show that Vennes had sought to mislead Fry with a letter from another Petters executive, Bob White, explaining that problems in Asia were contributing to late deliveries of close-out merchandise—merchandise which did not exist.
Friedberg suggested that when Vennes asked White to "shore up the letter," he did so to mislead Fry and other Petters business partners. Vennes said he simply wanted an accurate explanation.
Vennes, White and Coleman have all pleaded guilty in the case.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.