Quadrexx Accused Of Fraud

Feb 6 2014 | 12:19pm ET

Canadian regulators have brought charges against Quadrexx Asset Management and its "directing minds," Miklos Nagy and Tony Sanfelice.

According to the Ontario Securities Commission, Nagy, Sanfelice and their bankruptcy hedge fund defrauded investors, failing to deal with them fairly or to disclose how they were valuing an investment.

Quadrexx also allegedly made Ponzi scheme-type payments to investors and collected unjustified fees, without which, the OSC claims, its working capital "would have been below zero by Oct. 31, 2012."

Quadrexx ceased trading in the summer of 2012 after a compliance review and filed for bankruptcy last year.

OSC said it would hold a hearing to consider its allegations on Feb. 20.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note