Sunday, 28 December 2014
Last updated 3 days ago
Oct 23 2008 | 1:42am ET
A phony hedge fund manager has been ordered by a federal judge to repay more than $8.4 million in ill-gotten gains. The only problem is nobody can find him.
The United States District Court for the Eastern District of New York this month entered the final judgment against Spiro Germenis, based on a 2006 Securities and Exchange Commission complaint. The SEC says that Germenis and two hedge funds that he operated, Oracle Services and Oracle Evolution, diverted investors' money for his own use, and that Germenis then fled the jurisdiction.
The SEC also alleged that Germenis created phony or altered account statements that he provided investors to conceal his misuse of the money entrusted to him.
Geminis’ wife reported him missing on Oct.16, 2006 with local police. His car was found at JFK airport and he is believed to have fled to Greece.
The court has ordered Germenis to pay $7.7 million in undisgorged profits and interests and $720,000 in civil penalties.
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.