Cayman Police Arrest Hedge Fund Fraud Suspect

Jul 21 2008 | 9:11am ET

Cayman Islands authorities have arrested a man in connection with the collapse of several hedge funds last month.

The unidentified 47-year-old has been taken into custody on suspicion of theft, false accounting and issuing false documents. It is thought that investors lost some US$70 million in the Grand Island hedge funds, although police say they do not know exactly how much was lost. It is also unclear how many investors are affected.

In June, the four funds—three registered with the Cayman Islands Monetary Authority and one unregulated offering—were put into voluntary liquidation by their shareholders. PricewaterhouseCoopers has been appointed the funds’ receiver.

The Grand Island funds primarily traded oil. Close Brothers served as the fund’s administrator, and a prominent Cayman businessman, Naul Bodden, served as a director for at least one of the funds, according to Cayman NetNews.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note