Thursday, 25 December 2014
Last updated 1 day ago
Sep 16 2013 | 11:10am ET
The self-proclaimed "youngest African-American hedge fund founder in history" has admitted that the title he bestowed upon himself was somewhat misleading.
Frederick Scott on Friday pleaded guilty to charges that he defrauded clients of $1.3 million, bilking them with a story of having risen from homelessness to the hedge fund world, and all before he turned 30 years old. Indeed, little if anything Scott told the victims of his ACI Capital Group was true, including claims that he managed $3.7 billion.
In reality, Scott took the money he was entrusted with and used it to finance a lavish lifestyle, prosecutors said.
Loretta Lynch, the U.S. Attorney in Brooklyn, N.Y., said that Scott "stands revealed as a common thief."
During the hearing, Scott told the presiding judge that he was a high school graduate and that he knew he was making false promises to clients. He faces as long as five years and three months in prison when he is sentenced later this year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.