Saturday, 30 August 2014
Last updated 1 day ago
Mar 13 2009 | 1:05am ET
Canadian regulators are taking the next step toward shutting down hedge fund Sextant Capital Management, accused of illegal self-dealing and inflating its returns.
The Ontario Securities Commission has asked a court to appoint a receiver for “all the property and assets” of Toronto-based Sextant. The OSC has already frozen Sextant’s assets and slapped the firm and its principals with a temporary trading ban, which it will seek to extend on Monday.
A hearing on the matter is scheduled for April 30.
According to the OSC, Sextant inflated the value its Strategic Opportunities Hedge Fund and two offshore hedge funds by investing in a pair of private companies with rights to develop Icelandic glaciers. The regulator says that 95% of the hedge fund’s assets are invested in the companies, which are themselves almost totally owned by founder Otto Spork and the Sextant funds. The OSC has charged Spork, his daughter Natalie, Sextant’s president, and Robert Levack, the firm’s chief compliance officer, with illegal self-dealing and inflating the value of Strategic Opportunities.
Spork has denied the allegations and promised a “vigorous” defense.
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 ...