Monday, 20 October 2014
Last updated 2 hours ago
Oct 7 2009 | 10:00am ET
The latest Ponzi scheme isn’t a hedge fund fraud, but allegedly a defrauder of hedge funds.
According to prosecutors, a pair of scam artists took in a number of smaller hedge funds and private equity firms as part of an $80 million Ponzi scheme. Federal prosecutors in New York have charged Vance Moore II and Walter Netschi with running a fraud that promised victims it would invest their money in automatic teller machines.
According to the indictment, Netschi told investors that he placed ATMs in high-traffic retail areas. He then had the investors sign an agreement with a phony company allegedly run by Moore, which was supposed to service, process and maintain the ATMs.
The two claimed to have purchased some 4,000 ATMs, but about 90% of those were either fake or owned by other companies, prosecutors said. Meanwhile, the promised returns in excess of 20%.
Both men have been charged with wire fraud and conspiracy.
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 ...