Friday, 28 November 2014
Last updated 8 hours ago
Dec 19 2007 | 10:33am ET
A reputed mobster who led a phony hedge fund has been sentenced to seven years in prison for his role in a $20 million pump-and-dump scam.
John Baudanza, who ran American’s Hedge Fund in his hometown of Staten Island, N.Y.—in addition to his reputed role as a foot soldier in the Luchese crime family—was one of 10 alleged mobsters charged in the 11-year-long scam last March. In addition to prison time, he was order to pay $22,500 in restitution to his victims.
According to federal prosecutors, the scheme—a collaborative effort among the Bonanno, Colombo and Luchese crime families—added a classic mob twist, strong-arm tactics and intimidation, to a classic pump-and-dump scheme. The racketeering ring operated from 1994 until 2005, prosecutors said.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...