Thursday, 20 November 2014
Last updated 2 hours ago
Sep 10 2013 | 10:09am ET
Hedge fund fraudster Yusaf Jawed still doesn't know with certainty how much time he'll spend in jail for ripping off investors of $37 million. But he knows what his bill for the crime will be.
Jawed has settled with the Securities and Exchange Commission for almost $34 million. There's little chance that clients of his failed Grifphon Asset Management will ever see it, or the $6.4 million he was ordered to pay in the criminal case against him, since Jawed is broke.
Jawed reached the deal with the SEC in June. He is still awaiting sentencing on the 17 counts of mail and wire fraud he pleaded guilty to in April; Jawed was to be sentenced yesterday, but the hearing was pushed back to Sept. 23.
Under the terms of the plea deal, Jawed will be sentenced to six-and-a-half years in prison, although the sentencing judge can change that term. When he gets out, his wages will likely be garnished.
According to prosecutors, Jawed ran a Ponzi scheme at his Oregon hedge fund for a decade. The SEC alleges he defrauded more than 100 investors of $37 million, making both Ponzi-type payments to earlier investors and using investor money to pay personal expenses.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...