Saturday, 18 April 2015
Last updated 4 hours ago
Sep 14 2007 | 11:36am ET
Another hedge fund has been caught red handed in an alleged insider-trading scheme involving private investments in public equities, or PIPEs.
The Securities and Exchange Commission has charged King of Prussia, Pa.-based hedge fund Lancaster Investment Partners and hedge fund manager Robert Berlacher with using private stock offerings to cover short positions—a violation of securities law—at least 10 times between 2000 and 2005. The SEC says Lancaster made $1.7 million from the trades.
“These ill-gotten gains inflated Lancaster’s assets under management and performance, which consequently led Berlacher to receive improper performance fees and compensation,” the SEC wrote in its complaint, filed in federal court in Philadelphia.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…