Tuesday, 23 September 2014
Last updated 2 hours ago
Jul 18 2008 | 11:07am ET
The day of reckoning for two of the masterminds behind the KL Financial hedge fund fraud came yesterday in a federal courthouse in Palm Beach, Fla.
Jung Bae Kim, better known as John Kim, and his brother Yung Bae Kim, were sentenced to 18⅓ years and 6¼ years, respectively, and ordered to pay more than $75 million in restitution for their role in the Ponzi scheme.
The two brothers, along with Won Sok Lee, who remains at large, were principals at Palm Beach-based KL. Between 2000 and 2005, prosecutors say the men defrauded investors of some $194 million, of which just $6.5 million has been recovered.
In addition to the prison term and restitution order, the sentences include three years of supervised release. Both Kims struck a plea deal pleading guilty to wire fraud and Jung Kim pleading guilty to conspiracy to commit wire fraud.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.