Friday, 31 October 2014
Last updated 12 hours ago
Mar 14 2014 | 10:25am ET
A former hedge fund manager is crying poverty in his battle against a £3 million fine for lying to his investors.
In appealing the U.K. Financial Services Authority’s ruling against him, which also saw him banned from the securities industry, Alberto Micalizzi is claiming financial hardship. The Italian former business school professor was hit with the levy in 2012, after the FSA found that he and his firm, Dynamic Decisions Capital Management, had lied to investors about huge losses.
Almost all of Dynamic Decisions’ US$550 million in assets were invested in highly illiquid bonds issued by a company based in a trailer park outside of Phoenix and backed by a global network of shell companies, a Reuters report showed. The Phoenix company was allegedly led by a fugitive and the head of one of the charities backing the bonds was shown to be a Russian fraudster.
Indeed, defending its predecessor’s move, the Financial Conduct Authority plans to show the tribunal that “the bond was never genuine,” and that it was “essentially a sham designed to conceal losses that the fund had suffered on its main strategy.”
Micalizzi has yet to file his statement with the tribunal, which his is asking to overturn the fine and ban.
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…
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