Thursday, 24 July 2014
Last updated 12 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…