Tuesday, 26 May 2015
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…