Friday, 31 October 2014
Last updated 5 hours ago
Feb 11 2008 | 9:29am ET
In sickness, health and hedge fund fraud: A husband-and-wife pair has been ordered to pay more than $3 million for allegedly defrauding investors in their hedge fund.
A federal judge in Michigan has ordered Ty and Monette Klotz to pay $1.8 million in restitution and $1.3 million penalties. The Commodity Futures Trading Commission accused the couple of running a Ponzi scheme, promising investors in its Aurifex Commodities Research and Aurifex Research funds 20% monthly returns.
In fact, according to the CFTC, the Klotzes used the more than $2 million raised from 352 investors to pay other investors, as well as to fund some high living. Investor money was allegedly used to pay for his-and-hers Rolex watches, home renovations, medical treatments and cars.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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