Saturday, 20 September 2014
Last updated 19 hours 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.
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.