Sunday, 19 April 2015
Last updated 18 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…