Tuesday, 30 September 2014
Last updated 3 min ago
Jan 16 2014 | 12:45pm ET
Hedge fund fraudster Aleksander Efrosman is going back to jail.
A federal judge in Brooklyn, N.Y., sentenced Efrosman to more than 15 years in prison yesterday. Efrosman pleaded guilty to defrauding clients in his AJR Capital and Century Maxim Funds of $5 million—but not before going on the run for five years.
Efrosman, who spent three years in prison in the early 2000s over another foreign-exchange scam, fled the U.S. on a phony Russian passport in 2005, a year before his was indicted for the AJR-Century fraud. He lived in Mexico, Panama—where he ran yet another investment scheme—and Poland before he was tracked down and arrested there in 2010. He pleaded guilty in 2012.
Efrosman, who had to be extradited from France before his first conviction, was also ordered to pay $4 million in restitution.
"Efrosman has finally been held to account for his betrayal of his clients' trust," U.S. Attorney Loretta Lynch said.
Efrosman spent the money he stole on himself, losing some $3 million of it gambling at the Foxwoods Resort Casino in Connecticut.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...