Thursday, 25 December 2014
Last updated 1 day ago
Jun 3 2014 | 2:33am ET
Chicago hedge fund manager Neal Goyal has been accused of ripping off his investors of more than $11 million as part of a seven-year long Ponzi scheme.
The Securities and Exchange Commission last week filed suit against the Blue Horizon Asset Management and Caldera Advisors founder, alleging that he never invested most of the $11.4 million he raised beginning in 2007. Most of the proceeds, the regulator says, went to pay for Goyal’s lavish lifestyle and to fund his wife’s children’s clothing boutique. What little money he did invest was lost, according to the SEC.
The lawsuit alleges that Goyal began making Ponzi-type payments almost immediately after launching Blue Horizon, attempting to cover his tracks with “fictitious account statements grossly overstating his performance.”
Goyal’s lawyer, Howard Rosenburg, said he “has been cooperating with the SEC since the beginning of its inquiry and he expects to continue to cooperate.”
The SEC is seeking the return of funds and fines. It won an asset freeze and injunction against Goyal last week.
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.