Saturday, 20 September 2014
Last updated 1 day ago
Sep 15 2008 | 8:49am ET
A hedge fund manager serving a 12-year prison sentence for defrauding an Ohio agency he managed a hedge fund for has settled civil charges filed by the Securities and Exchange Commission.
Mark Lay, convicted last year of losing $216 million for the Ohio Bureau of Workers’ Compensation in a highly-levered hedge fund he invested in without authorization, has been barred from serving as an investment adviser. But Lay, who did not admit or deny the charges, will not be on the hook for more than the $213.5 million in restitution and forfeiture ordered by the jury in his criminal trial, as the SEC has waived the $1.5 million he and MDL earned managing Ohio’s money, “based on the defendants’ sworn statements of financial condition.
Lay’s firm, Pittsburgh-based MDL Capital Management, had its registration with the SEC revoked as part of the settlement, which was filed in federal court on Friday.
The settlement agreement still requires the approval of the court.
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.