Tuesday, 22 July 2014
Last updated 9 hours ago
Nov 8 2007 | 12:16pm ET
Investors in a hedge fund that went under during this summer’s market turmoil are crying foul, accusing its managers of defrauding them out of as much as $100 million.
According to an arbitration claim filed last month against Sample & Cross Capital Management, investors allege that the firm said the Vega Opportunity Fund would focus on capital preservation. Instead, it managed to lose 75% in a single day, before Sample & Cross pulled the plug on Aug. 17.
Sample & Cross, based outside Chicago, was founded by UBS veterans Matthew Sample and J. David Cross.
Andrew Stoltmann, representing some of the aggrieved investors, filed the complaint with the American Arbitration Association, accusing the firm of violating Illinois antifraud provisions.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…