Tuesday, 21 October 2014
Last updated 3 hours ago
Mar 26 2009 | 2:23am ET
A California hedge fund manager charged with defrauding investors of $5 million is fighting his extradition from Hong Kong.
Albert Hu, who allegedly fled the U.S. in June, has told the Hong Kong court considering the U.S.’s extradition requests that he wants to see the evidence in his case. Prior to yesterday’s hearing, he had indicated that he would surrender to American authorities.
“He feels that he must seek evidence [from] the prosecution,” Hu’s lawyer, Jonathan Acton-Bond, told the court, which then adjourned the case until May 15 to allow the Americans time to provide evidence supporting the wire fraud charges.
According to prosecutors and the Securities and Exchange Commission, Hu, an American citizen, is charged with operating a fraud through his Sunnyside, Calif.-based Aseqneua Beta Fund and Fireside LS Fund for six years, from 2002 until last year. He allegedly promised investors returns of as much as 30% of the year, which he was actually stealing millions from his clients. According to the criminal complaint unsealed in San Jose, Calif., federal court last week, Hu told investors that his funds were affiliated with major international law firms and auditors, assurance that authorities say were “fabricated.”
After allegedly leaving the U.S. this summer, Hu closed bank accounts in Singapore to which he is accused of wiring millions in client funds to, and moved the assets to accounts in Hong Kong and Taiwan.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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…
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 ...