Friday, 29 August 2014
Last updated 3 hours ago
Jan 7 2009 | 10:55am ET
A U.S. Court of Appeals has put the kibosh on a former registered representative of broker-dealer Prudential Securities for helping a group of hedge funds place market timing trades on mutual funds.
According to the Securities and Exchange Commission, Justin Ficken and four other former Prudential representatives known as the “Druffner Group” defrauded mutual funds and their shareholders by placing thousands of market timing trades worth more than $1 billion for five hedge fund customers from January 2001 through September 2003.
The group knew that the mutual fund companies monitored and restricted excessive trading in their mutual funds, but it evaded those restrictions by establishing multiple broker identification numbers and disguised its customers' identities by opening numerous accounts.
For his part, Ficken has been ordered to pay $589,854 in disgorgement and pre-judgment interest.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...