Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.
Saturday, 3 December 2016
Last updated 7 hours ago
Sep 22 2008 | 1:07pm ET
A pair of hedge funds was put out of business last week by regulators for alleged fraud.
The Massachusetts federal district court entered a final judgment against Evan Andersen and Lydia Capital, a registered hedge fund based in Boston, from future violations of the antifraud provisions of the federal securities laws. The court also held Andersen liable for $2.3 million in disgorgement, plus prejudgment interest of $177,089.
The court, however, ruled that Andersen must pay only $1.8 million and did not impose a civil penalty, based on his financial condition. Andersen consented, without admitting or denying the allegations, to the court’s final judgment. The Securities and Exchange Commission’s case against Lydia and Anderson’s co-principal, Glenn Manterfield, are pending.
The agency last May filed an emergency action against Andersen and Manterfield, alleging that between June 2006 and April 2007 the duo duped more than 60 investorsout of approximately $34 million in the Lydia Capital Alternative Investment Fund.
The SEC’s complaint alleged that the pair withdrew millions of dollars of investors’ funds to which they were not entitled, among other fraudulent acts.
Azure Bay Management was sunk by a fraud judgment related to its Addington Fund.
The U.S. District Court for the Western District of Michigan entered a final judgment against Daniel Jones and Azure Bay, enjoining the former from violating federal securities laws and ordering him to pay disgorgement of $2.5 million and prejudgment interest of $380,345.
The SEC did not seek a civil penalty and, based on the financial condition of Jones and Azure Bay, waived its right to pursue payment of all but $467,702 of the disgorgement.
Jones pleaded guilty to one count of wire fraud on April 1 and was sentenced to 21 months in prison in August.