Saturday, 28 March 2015
Last updated 20 hours ago
Oct 19 2009 | 1:13pm ET
The son of hedge fund manager Douglas Kass has settled charges that he made unauthorized trades while working at Circle T Partners.
Ethan Kass agreed to pay $50,000 to make the Securities and Exchange Commission allegations go away. The son of the Seabreeze Partners Management chief did not admit or deny the charges.
According to the SEC, Kass, then a processing clerk at the hedge fund run by the late Seth Tobias, made at least 24 unauthorized trades that cost Circle T $8.5 million. The younger Kass hid the trading by leaving it out of the hedge fund’s handwritten trade blotter and deleting or altering the entries from the firm’s portfolio management system. Kass was fired when the trades came to light.
Circle T later sued its prime broker, Banc of America Securities, alleging it should have caught the unauthorized trades. An NASD arbitration panel ruled in the hedge fund’s favor two-and-a-half years ago, but awarded less than $1 million in damages. Circle T had sought more than $30 million.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…