Thursday, 25 December 2014
Last updated 1 day ago
Apr 9 2008 | 7:13am ET
A former San Diego hedge fund manager has been sentenced to 6 years in prison for defrauding investors of more than $100 million in a Ponzi scheme.
Marvin Friedman pleaded guilty to fraud charges more than two years ago. He allegedly lied to investors in his Global Money Management fund, telling them the fund had nine times as much in assets as it actually did, all the while misappropriating investor funds for personal use and to pay off other investors. According to prosecutors, he ran the scheme after being barred from the securities industry by the NASD.
“Friedman betrayed the trust of these investors and today’s sentence ensures the victims of his crime will receive some measure of justice,” Karen Hewitt, interim U.S. Attorney for the Southern District of California, said.
In addition to the jail time, Friedman was ordered to pay $49 million in restitution.
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.