Thursday, 24 July 2014
Last updated 1 hour ago
Apr 23 2009 | 7:43am ET
Fresh off a weekend stint in jail for a drunk driving conviction, a former New York congressman has joined a controversial 'managed futures' fund.
Vito Fossella, a Republican who represented Staten Island and part of Brooklyn in Congress for 12 years, has joined Superfund Investment Group, the Staten Island Advance reports. It is unclear what, exactly, Fossella is doing for the firm’s New York office, but the Advance says he has been seen recently on Capitol Hill, leading the newspaper to speculate that “he could be putting his political contacts to work on behalf of the firm.”
Fossella did not seek reelection to the House of Representatives last year. He was arrested for drunk driving in Virginia earlier last year, leading to a revelation that he had fathered a child during an extramarital affair.
Superfund, for its part, is no stranger to controversy. The firm, which calls itself a managed futures shop, has sought to make hedge funds available to the masses. Firm founder Christian Baha, a former Austrian police officer, has starred in television commercials for the firm’s products. However, while he tossed around the word hedge fund in his initial marketing campaigns in the states, he has since touted the funds as 'managed futures' funds so as to not raise the ire of the Securities and Exchange Commission, which forbids marketing hedge funds to unqualified investors.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…