Monday, 28 July 2014
Last updated 9 hours ago
Oct 12 2006 | 3:19pm ET
Hedge funds: You might want to double-check that applicant’s résumé. Somehow, David Becker managed to sneak into not one, but two New York hedge funds after Citibank canned him for a 2003 scheme in which he, as head of commodities trading for the bank, inflated profits by as much as $20 million to boost his own bonus, Hedge Fund Alert reports.
He pleaded guilty last month, and is set to be sentenced in January. Becker faces up to five years in the pokey and a $250,000 fine.
After getting the boot from Citibank, Becker got a job at $415 million long/short fund Trivium Capital in September 2004. In June 2005, he was fired by Trivium for undisclosed reasons that had nothing to do with his Citibank shenanigans. We know this because Trivium said it had no idea about them until it read about his guilty plea in the press.
Next, in spite of two firings in two years, he managed to get a job at $5 billion D.B. Zwirn, where he spent a year building its structured-transactions. He told the firm a few days before he pleaded guilty, and the firm fired him on Sept. 25.
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…