Tuesday, 26 May 2015
Last updated 2 min ago
Feb 9 2009 | 1:08am ET
One of Arthur Nadel’s clients has sued the two of the accused hedge fund fraudster’s partners.
Louis Paolino, who had more than $5.8 million invested in the Viking Fund, accuses Neil and Chris Moody of lying about the fund’s returns. According to Paolino, the Moodys told him that the Viking fund—one of the hedge funds that Nadel subadvised—was consistently beating the market when it was actually losing money,
“Defendants created this perception by issuing false and misleading statements of account that reflected returns on equity much higher than the actual performance of the Viking Fund,” the lawsuit, filed in civil court in Sarasota, Fla., last week, alleges. “As a result of the false and misleading statements of account, Viking’s ability to outperform the market as an investment was grossly inflated. In fact, Viking’s actual total return on equity since its inception was roughly zero.”
Unlike their partner, the Moodys have not been charged with any crime.
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…