Friday, 19 December 2014
Last updated 9 min ago
Dec 20 2013 | 10:53am ET
A suburban New York hedge fund manager has pleaded guilty to defrauding clients of $2.7 million.
Stephen Colangelo entered his plea to two counts of securities fraud and two counts of wire fraud yesterday. Colangelo, who has been jailed since his arrest last November, faces up to 80 years in prison.
According to prosecutors, Colangelo stole more than $1.6 million in investor funds from his Brickell Fund, and another $1.1 million from his other business ventures, which included three websites purporting to help people launch hedge funds and raise money for them. His fraud allegedly included sending bogus performance statements and private-placement memoranda to clients, as well as using the logos of well-known media companies on his websites to make them appear legitimate.
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.