Monday, 4 May 2015
Last updated 49 min ago
Nov 26 2013 | 11:14am ET
The Securities and Exchange Commission has lost a bid to win back part of its claims against a pair of alleged hedge-fund fraudsters.
A federal judge in Atlanta earlier this month reaffirmed a 2011 decision narrowing the claims against Paul Mannion and Andrew Reckles, who ran the Palisades Master Fund and two feeder funds. The SEC has accused the two of misappropriating the funds' capital and inflating asset values.
Two years ago, the court held that in one of the SEC's claims, individual investors weren't clients, Palisades itself was the client, and therefore Mannion and Reckles were on the hook only for the increased management fees they received by allegedly overvaluing the assets. Despite the SEC's request for reconsideration, the court on Nov. 12 held that the law requires "material" misrepresentation to a client, and in the case of feeder funds, the client is the Master Fund.
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…