Thursday, 18 December 2014
Last updated 3 min ago
Nov 1 2013 | 11:57am ET
A Thomas Petters-linked hedge fund fraud case will go to trial, a federal judge has ruled.
Marlon Quan and his Acorn Capital Group and Stewardship Investment Advisors are accused of helping Petters cover up his $3.5 billion Ponzi scheme, engaging in so-called "round-trip" transactions in which Petters wired money to the firms which was returned immediately. Quan allegedly raised more than $459 million for the scam, according to a 2011 Securities and Exchange Commission lawsuit.
The suit will now go before a jury after U.S. District Judge Ann Montgomery rejected both sides' motion for summary judgment.
Montgomery found that the question of whether Quan's "lockbox account" and due-diligence representations were actually misleading is for a jury to determine.
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.