Wednesday, 27 August 2014
Last updated 10 sec 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...