Thursday, 2 October 2014
Last updated 56 min ago
Jun 18 2013 | 10:01am ET
The tipsters who helped federal prosecutors nail hedge fund fraudster Andrey Hicks have been approved for whistleblower payments—should any become available.
The Securities and Exchange Commission said it would award the Hicks whistleblowers 15% of what it can collect from the scam artist, who pleaded guilty to defrauding investors of $2.3 million in December. For the moment, however, the decision amounts to a pat on the back; the SEC hasn't collected a cent from Hicks.
Hicks admitted to lying to investors about his education, his work history and his Locust Offshore Management's assets under management. According to prosecutors, Hicks told clients that he developed Locust's algorithmic systems while studying at Harvard University, but failed to mention that he flunked out after three semesters and barely passed the only math class he took. He also falsely claimed that he'd worked for Barclays and that Locust managed $1.2 billion, prosecutors say.
Hicks was sentenced to 40 months in prison.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...