Saturday, 27 December 2014
Last updated 3 days ago
Sep 19 2013 | 12:35am ET
A former partner at the defunct Vicis Capital has settled charges that he profited from the purchase by the hedge fund of a friend's investments.
Shadron Stastney required his friend, who was not identified, to divest himself of $7.7 million worth of securities when he joined New York-based Vicis, because they overlapped with the firm's own investments. According to the Securities and Exchange Commission, Stastney authorized Vicis' purchase of the securities—without telling his partners that he had a financial stake in some of those securities.
The SEC alleges that Stastney earned more than $2 million from the sale.
As part of the settlement, Stastney—who did not admit or deny wrongdoing—will pay nearly $2.9 million, and is barred from the securities industry for at least a year-and-a-half.
Vicis closed its doors in 2010 amidst poor performance, heavy redemptions and a Federal Bureau of Investigation probe.
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.