Monday, 22 September 2014
Last updated 2 days ago
Aug 9 2013 | 10:29am ET
A British hedge fund manager who escaped from prison just six months into a four-and-a-half year sentence could be sent to the U.S. to face justice.
Marc Duchesne pleaded guilty in 2009 to defrauding investors in his Benchmark Asset Management out of £15 million. Promising high returns and the safety of their investments, Duchesne was actually spending their money on a lavish lifestyle, featuring a fleet of luxury cars and tens of thousands of dollars on cigars and cosmetic dentistry.
Duchesne was sent to prison, but escaped from the open facility after just six months. He was arrested last year in Switzerland and returned to the U.K., where he now faces extradition to the U.S.
Duchesne's extradition hearing is scheduled for Sept. 5. His lawyer argued that Duchesne should not be sent to the U.S. as non-extradition to a third country was part of the agreement with the Swiss that sent him to London, and that "it would be disproportionate to subject him to another prosecution."
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.