Friday, 19 December 2014
Last updated 8 hours ago
Aug 6 2013 | 10:13am ET
Admitted hedge fund fraudster Berton Hochfeld has been sentenced to two years in prison for ripping investors off to the tune of $2 million.
The 66-year-old pleaded guilty in January to securities and wire fraud, two months after his arrest. According to prosecutors and the Securities and Exchange Commission, he stole about a quarter of the $6 million he raised for Hochfeld Capital Management's Heppelwhite Fund, using some of it to buy a collection of antiques and vacations. He hid his fraud with phony account statements.
Hochfeld also allegedly failed to tell his investors that he'd been banned from the industry in 2006 by the SEC.
In addition to the prison term, Hochfeld was ordered to serve three years of supervised release and to forfeit $2.1 million.
Hochfeld's lawyer, Roland Riopelle, said the levy was a "fair sentence" and that he "is very anxious to put this whole matter behind him."
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.