Friday, 19 December 2014
Last updated 14 hours ago
Oct 15 2007 | 8:01am ET
A hedge fund manager linked to a scandal that rocked Ohio politics will go on trial for fraud this week in Akron.
Mark Lay of Pittsburgh-based MDL Capital Management stands accused of defrauding the Ohio Bureau of Workers’ Compensation by putting its money in a volatile hedge fund without its approval. The agency lost $216 million in the investment, only overshadowed by a $50 million loss in a rare-coins fund run by a top Republican fundraiser, who was convicted of stealing from said fund.
The scandal, in which Ohio’s then-governor, Bob Taft, was convicted of misdemeanor ethics charges, help lead to a Republican wipe-out in last year’s elections.
The daughter of the BWC oversight board member George Forbes also worked at MDL Capital.
Lay’s attorneys call the charges sour grapes, accusing Ohio authorities of simply looking for a scapegoat.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.