Saturday, 20 December 2014
Last updated 1 day 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.
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.