Saturday, 23 August 2014
Last updated 1 day 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note