Sunday, 29 March 2015
Last updated 1 day ago
Dec 11 2007 | 9:32am ET
If you’re planning to involve a hedge fund manager in a kickback scheme, it’s probably best to make sure he’s actually a hedge fund manager.
A Federal Bureau of Investigation agent posing as the head of a West Palm Beach, Fla.-based hedge fund called Fillmore Capital nabbed 10 insiders and promoters of publicly-traded companies in five kickback schemes in exchange for securities sales. The Securities and Exchange Commission charged 10 individuals, while the U.S. Attorney’s office in Miami slapped six on them with criminal charges.
According to the SEC, in each case the FBI-agent-cum-phony-hedge-fund-manager told each mark that the kickback had to be kept secret because it violated his fiduciary obligations to the non-existent hedge fund and that he had set up a phony consulting company to accept the kickbacks. All, save one, actually paid the kickback.
“This case illustrates the Commission’s ability to work together with criminal authorities in creative ways to uncover fraudulent schemes and to protect our markets,” Linda Chatman Thomas, the head of the SEC’s enforcement division, said.
Some of the individuals hit by SEC charges include Vincent Cammarate and Rex Morden of Affinity Financial Group, William Haynes—who had already been enjoined from violating antifraud laws under an earlier $7 million offering fraud case—and Efrim Gjonbalaj of Real Asset Management, Mark Foglia of Western Financial Services, Virgil Williams, and Sean Sheehan.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…