Saturday, 27 December 2014
Last updated 3 days ago
Jun 26 2008 | 7:42am ET
Another investor is suing a Greenwich, Conn., hedge fund firm, accusing it of mismanaging its product to the benefit of its managers and to the detriment of its clients.
Westerly Capital filed suit earlier this month against Windmill Management and its operators, Alan and Philip Milton and Richard Weygand in Stamford Superior Court. Westerly said Windmill’s SageCrest hedge fund—which is liquidating—has not provided audited financial statements for several years. He also said the managers overvalued the fund's assets “in furtherance of a scheme and/or course of conduct designed to personally enrich themselves even if this proved detrimental to the fund and its investors.”
Westerly is seeking an accounting of the money lost in the hedge fund.
A lawyer for Windmill called the lawsuit “the worst abuse of our system” and “an attempt to shake people down.
Earlier this year, hedge fund Wood Creek Capital Management sued SageCrest, alleging it reneged on a redemption agreement. Wood Creek is seeking to take control over SageCrest.
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.