Monday, 22 September 2014
Last updated 2 days ago
Jun 12 2014 | 9:33am ET
A conservative talk-radio host from Texas must answer allegations that he defrauded investors in his hedge fund with the help of boiler-room operator Anastasios Belesis.
A federal judge in Washington rejected George Jarkesy’s argument that the Securities and Exchange Commission’s administrative process was unfair and that, in settling with Belesis, who in December accepted a one-year ban from the securities industry, it had prejudged him.
“To the extent that the plaintiffs believe their cause has been prejudged by the SEC commissioners, they may seek review, if necessary, before the court of appeals,” U.S. District Judge Beryl Howell wrote, but not before the SEC process had run its course.
The SEC has accused Jarkesy of lying to investors in his John Thomas Capital Management—now known as Patriot28; Belesis’ firm is called John Thomas Financial—about his role as the sole manager of its hedge funds. In fact, the regulator alleges, Jarkesy often abdicated those responsibilities to Belesis, who browbeat and bullied him into paying more in fees and investing in companies that John Thomas Financial had interests in. According to the SEC, Jarkesy’s funds paid Belesis’ firm nearly $5 million for “nearly inconsequential work.”
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.