Wednesday, 17 September 2014
Last updated 6 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.
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…
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