Saturday, 30 August 2014
Last updated 1 day ago
Mar 19 2009 | 2:47am ET
A California hedge fund manager has been arrested on the other side of the Pacific after being charged with defrauding investors of at least $5 million.
Albert Hu was arrested in Hong Kong on Tuesday; an extradition hearing has been scheduled for March 25. Federal prosecutors have charged him with stealing millions from clients and lying about the safety of their investments, promising them returns of 20% to 30%.
Hu has also been sued by the Securities and Exchange Commission, which has asked that his assets be frozen because “he has refused investors’ requests for the return of their funds.”
According to the criminal complaint, unsealed yesterday in federal court in San Jose, Calif., Hu ran his fraud through several Sunnyvale, Calif.-based hedge funds from 2002 until last year. He allegedly told clients that the hedge fund were affiliated with major international law firms and auditors, claims the feds say were “fabricated” to “legitimize” his hedge funds, Aseqneua Beta Fund and Fireside LS Fund.
In fact, according to prosecutors, there were no law firms or auditors overseeing the funds, and Hu was wiring millions to bank accounts he controlled in Asia. Hu allegedly left the U.S. in June, closing bank accounts he had in Singapore and shifting the supposedly stolen assets to accounts in Hong Kong and Taiwan.
“Documents obtained in the course of the investigation revealed that Hu caused the wiring of millions of dollars from victim-investors' bank accounts in the United States to bank accounts Hu held abroad,” prosecutors said in the complaint.
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 ...