Saturday, 20 September 2014
Last updated 20 hours ago
May 21 2009 | 10:39am ET
Britain’s Serious Fraud Office is setting up a hedge-fund fraud detection system, it said yesterday.
The SFO announcement comes less than a week after it made its first arrests of hedge fund employees—Weavering Capital CEO Magnus Peterson and another employee of the firm— since the beginning of the credit crisis.
“We’re looking in particular at a system of red flags to give warnings in respect of hedge funds,” SFO chief Richard Alderman said. “We want to be able to help the market, as it recovers, in knowing what are the features of hedge funds that can give rise to fraud.”
How effective such a mechanism will be is open to question: Reuters reports that the SFO is looking at U.S. practices in intelligence gathering—using a hedge fund’s auditor and people who have worked at the firm, for example—despite the fact that U.S. regulators have proven somewhat less-than-adept at detecting hedge fund fraud.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.