Friday, 27 March 2015
Last updated 39 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…