Friday, 29 August 2014
Last updated 7 hours ago
Dec 4 2007 | 11:14am ET
The receiver for collapsed hedge fund manager Philadelphia Alternative Asset Management’s fund has struck a deal with futures broker MF Global.
Steven Harmelin said MF Global, which was spun off from British hedge fund giant Man Group earlier this year, has agreed to pay $69 million to PAAM’s investors, as well as $6 million in legal costs. The receiver had sought $175 million, accusing MF Global of helping founder Paul Eustache hide the fund’s losses.
Regulators shut down PAAM in June, alleging it lied to investors about big losses, defrauding them of $200 million. Last month, Eustache was indicted by federal prosecutors with two counts of commodities fraud.
MF Global did not admit any wrongdoing as part of the settlement.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...