Tuesday, 21 October 2014
Last updated 4 hours ago
Jun 24 2009 | 2:19am ET
A Texas hedge fund manager has been charged with defrauding investors of nearly $14 million.
The U.S. Attorney’s Office for the Northern District of Texas filed money laundering charges against Rod Stringer on Monday. The criminal charges come five months after Stringer was hit with a civil suit by the Securities and Exchange Commission, accused of running a Ponzi scheme and stealing money raised for his phony RCS Hedge Fund.
According to the SEC, Stringer used $2.4 million to pay off other investors and the rest to buy himself the finer things in life, including fancy cars, a boat, a horse-racing partnership and an office swimming pool.
Stringer, of Lamesa, allegedly told investors that the fund, which he said had $45 million in assets from 31 investors, had enjoyed phenomenal returns: Annual gains as high as 61% and total returns of more than 600%. Contrary to those grandiose claims, the SEC and Federal Bureau of Investigation say what little investing he did was a disaster, resulting in substantial losses.
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 ...