Monday, 29 December 2014
Last updated 25 min ago
Jan 14 2008 | 4:32pm ET
The saga of collapsed hedge fund Wood River Capital Management, in which investors lost as much $88 million, is finally over. Two months after founder John Whittier was sentenced to three years in prison defrauding investors and regulators, the investment that ruined the firm has finally been unwound.
Endwave Corp., acting on behalf of Wood River’s investors, liquidated the hedge fund’s 4.1 million share stake in itself, buying more than half of the shares itself. The stake, once worth as much as $220 million, was sold for just $28 million.
Whittier, without investor knowledge or approval, invested the lion’s share of Wood River’s assets in Endwave, a San Jose, Calif.-based radio equipment, taking a big stake in the company. He also failed to inform the Securities and Exchange Commission when the hedge fund’s stake exceeded 5%.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.