Wednesday, 22 October 2014
Last updated 6 min 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.
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…
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