Tuesday, 21 October 2014
Last updated 10 hours ago
Aug 6 2013 | 10:14am ET
Three former executives of Ponzi schemer R. Allen Stanford's brokerage have been ordered to pay nearly $5.5 million for their role in the fraud.
A Securities and Exchange Commission administrative law judge found Bernerd Young, Daniel Bogar and Jason Green liable for the $7 billion scam, even though the agency did not allege that any of them knew about the fraud. Still, their conduct was so "egregious" that Judge Carol Fox Foelak found against them anyway, agreeing with the SEC that the three didn't do enough to ensure that Stanford's marketing materials and disclosures were adequate.
Young was Stanford Group's chief compliance officer, Bogar its president and Green head of its private-client group. Each was ordered to pay a $260,000 fine; Green was ordered to disgorge $2.6 million, Bogar $1.5 million and Young nearly $600,000.
All three denied wrongdoing and can appeal the decision.
The ruling comes a year after Stanford himself was sentenced to 110 years in prison, and months after three other former Stanford executives received prison terms ranging from five to 20 years.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...