Second Fund Manager Seeks ‘Withheld’ Bonuses From Touradji

Jan 28 2009 | 2:08am ET

A second former Touradji Capital Management fund manager is accusing the commodities hedge fund shop of withholding bonuses.

Robert Vollero, who joined the $3.5 billion New York firm in 2005 alongside Gentry Beach, has now joined Beach’s lawsuit against the firm. Beach sued Touradji in December, alleging that it had withheld $23 million in bonuses. Vollero’s claim brings the total amount allegedly owed by Touradji to $50 million.

Vollero alleges that Touradji tried to bully him into writing investors to defend the firm against Beach’s lawsuit, threatening to withhold his bonus if he didn’t. After two days of “increasingly hostile” discussions with the firm last month, Vollero says he resigned. Beach and Vollero worked together at Solstice Equity Management before joining Touradji, where they co-managed several funds.

Touradji has vehemently denied owing either man anything. In fact, the hedge fund claims it is the wronged party.

“Gentry Beach and Rob Vollero were paid extremely well; in fact, too well considering their respective contributions,” Fraser Seitel, a Touradji spokesman, told Bloomberg News. “In fact, it is Beach and Vollero who owe Touradji Capital money. Both men borrowed money from Touradji Capital in order to participate in an investment that they oversaw and that ultimately cost Touradji Capital. Neither man has repaid his loan to the firm, and we believe their lawsuit is nothing more than an effort to avoid paying these debts.”


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

MacDonald-Korth Offers Insights Into Paintings Bought, Sold By Hedgies

Oct 7 2014 | 9:00am ET

Definitive and complete ratings require an in-person examination of an artwork,...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.