Monday, 22 September 2014
Last updated 4 hours ago
Jul 28 2009 | 9:23am ET
A Beverly Hills hedge fund manager has settled charges of fraud with the Securities and Exchange Commission.
Bradley Ruderman of Ruderman Capital Management, an unregistered investment adviser, was arrested in May and charged with wire fraud. Ruderman alleged raised some $38 million from investors through his two hedge funds and defrauded his investors by lying to them about the hedge funds’ investment returns and the assets under management.
He told investors that hedge funds that he controlled had earned positive returns between 15% and 60% per year and had over $800 million in assets, the SEC charged. In reality, the hedge funds lost money and had less than $650,000 in assets. The SEC’s complaint further alleges that in 2009, Ruderman made at least one Ponzi scheme-like payment, using new investor money to pay returns to an earlier investor, and that Ruderman lied to prospective investors telling them that Lowell Milken and Oracle Corp. CEO Larry Ellison were investors in his hedge funds.
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.