Wednesday, 27 August 2014
Last updated 59 min ago
Oct 11 2007 | 7:41am ET
In the same week that former hedge fund manager Albert Hsu pleaded guilty to trying to get his ex-mistress raped, shocking details of another hedge fund sex scandal have emerged.
The case involves hedge fund giant SAC Capital, the Stamford, Conn., firm run by Steven Cohen. In a sexual harassment lawsuit, a former junior trader at the firm alleges he had sexual relations with Ping Jiang, a managing director and top fund manager at the firm, CNBC reports.
In addition, Andrew Tong, who was let go by SAC last April, alleges that Jiang instructed him to take female hormones to facilitate a more "effeminate" trading method. CNBC says that Jiang complied, using black-market hormones, which then caused emotional and physical distress and, unsurprisingly, unwanted sexual problems at a time that Tong and his wife were attempting to have a child. He also claimed that the hormones led him to begin wearing women’s clothes.
The sealed lawsuit, in New York state court, has been sent into arbitration.
Both SAC and Jiang have denied the charges. In a statement, the firm said, “SAC conducted a thorough investigation and found these scurrilous accusations to be false. We will vigorously defend ourselves and are confident that these claims will be swiftly rejected in arbitration.”
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...