Sunday, 28 December 2014
Last updated 3 days ago
Jun 23 2008 | 2:00am ET
The Securities and Exchange Commission has charged two former Sentinel Management Group executives, Eric Bloom and Charles Mosley, for allegedly defrauding clients, including hedge funds, to the tune of several hundred million dollars.
Prior to filing for bankruptcy in August, Sentinel managed short-term cash investment portfolios for various advisory firms, including hedge funds. In an amended complaint filed this week in federal court in Chicago, the SEC added Bloom and Mosley as defendants in the action it instituted against Sentinel last summer.
Bloom served as CEO of Sentinel for almost 20 years, and Mosley was head trader and portfolio manager at the firm.
The SEC alleges that for about four years, Bloom and Mosley exposed their clients to substantial risks by engaging in an undisclosed investment strategy that relied extensively on leverage and repurchase transactions. Additionally, the pair allegedly misused client portfolio assets to finance risky leveraged trading for the benefit of Sentinel's house portfolio, which was owned by Sentinel insiders, including Bloom and Mosley.
The SEC is seeking a permanent injunction against the defendants as well as disgorgement, prejudgment interest, and civil penalties.
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.