Monday, 20 October 2014
Last updated 1 hour 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.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...