Friday, 28 November 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...