Monday, 29 December 2014
Last updated 21 min ago
Jan 15 2008 | 8:22am ET
A former UBS Financial Services broker has settled charges that he helped swindle investors out of millions in a fraudulent hedge fund scam.
The Securities and Exchange Commission says that Justin Paperny worked as a broker for the GLT Venture Fund, telling investors that the hedge fund had access to extremely profitable initial public offerings. But the fund had no such access, and the regulator said it suffered “substantial losses” due to poor trading.
GLT raised $14.1 million from 42 investors; the SEC says Paperny was paid $220,000 for his work from 2002 to 2004.
Paperny will pay to-be-determined disgorgement and civil penalty, the SEC said. He did not admit or deny the charges.
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.