Thursday, 18 September 2014
Last updated 12 hours ago
Jun 19 2008 | 2:00am ET
The American behind a US$46.5 million hedge fund fraud will be spending some more time in a Chinese jail.
Charles Schmitt’s sentence was extended by 26 months, the South China Morning Post reports, after the Hong Kong Court of Appeal ruled his original four-and-a-half year sentence was “manifestly inadequate.”
The 63-year-old pleaded guilty to 19 counts of false accounting in 2006. His CSA Absolute Return fund collapsed in 2004, with Schmitt admitting that he illegally diverted US$195 million of investor funds into dummy companies he controlled.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.