Monday, 22 December 2014
Last updated 15 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.