Monday, 27 April 2015
Last updated 7 hours ago
Dec 22 2008 | 6:54am ET
U.S. regulators have imposed a permanent commodities trading ban against New York-based hedge fund Linuxor Asset Management and its principal, Abbas Shah. The Commodity Futures Trading Commission has also imposed a $200,000 fine on Shah and his money management shop.
The ruling follows a 2005 complaint charging Shah and Linuxor with defrauding fund participants in the Linuxor Global Macro Fund. Shah managed the hedge fund, served as its principal, and acted as its trading advisor.
Specifically, the order finds that Shah and Linuxor committed fraud by misrepresenting the value of the Linuxor Global Macro Fund. In one instance, Shah sent an email that materially misrepresented the net asset value of the fund by approximately $4 million, and another email falsely claimed success in recovering prior substantial losses.
The order also finds that the defendants failed to send to fund participants the required quarterly statements for 2002 to 2004 and a timely annual report for 2002. The defendants also commingled participants’ funds with the property of others, in violation of CFTC regulations.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…