Tuesday, 22 July 2014
Last updated 29 min ago
Sep 24 2008 | 3:17pm ET
The U.S. Commodity Futures Trading Commission today revoked the registration of Philadelphia Alternative Asset Management, based on fraud judgments entered against the hedge fund last month. The firm was ordered to pay restitution of approximately $276 million and an $8.8 million civil monetary penalty for swindling investors out about $200 million.
Meanwhile, the CFTF simultaneously filed and settled charges against four registered commodity pool operators, charging them with failing to distribute to investors and file with the National Futures Association one or more of their respective commodity pools’ annual reports in a timely manner.
Chicago-based Mansur Capital Corporation, San Francisco-based Persistent Edge Management, and New York-based Stillwater Capital Partners were charged in the CFTC action and are on the hook for $75,000, $120,000 and $135,000, respectively.
While each of the CPOs had obtained extensions of their respective deadlines for various pools and reporting years, the CFTC alleged that each failed to timely comply with its obligations.
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…