Friday, 19 September 2014
Last updated 10 hours ago
Jan 31 2014 | 12:40pm ET
A private-equity manager has been charged with bilking his investors out of more than $9 million.
According to the Securities and Exchange Commission, Lawrence Penn paid out bogus fees from his New York-based Camelot Acquisitions Secondary Opportunity Management to a company controlled by a friend. That friend, Altura Ewers, would then move the money into companies and accounts controlled by Penn.
Penn allegedly used the money to lure pension funds to invest with him.
"Penn held himself out as an ultra-sophisticated and well-connected investor in the private equity world," Andrew Calamari, head of the SEC's New York office, said. "Behind the scenes, Penn disregarded his obligations to the fund's investors and treated their assets as his own personal and professional slush fund."
The SEC has frozen Penn's and Ewers' assets, as well as those of Camelot and three related entities.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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