Tuesday, 28 April 2015
Last updated 9 hours ago
Nov 17 2009 | 3:54am ET
The founder of Dynamic Decisions Capital Management, which is facing a fraud probe in Britain, has denied any wrongdoing and said that investors in its hedge funds will likely receive all of their money back.
Alberto Micalizzi (pictured right), an Italian finance professor, said that “any speculation of fraudulent activity is totally unfounded and results from misunderstanding and lack of knowledge of the specifics of our case.”
The U.K.’s Serious Fraud Office said last week that it had opened an investigation into Dynamic Decisions, which is liquidating its hedge funds. Some investors have complained that the firm violated its prospectus, which promised to invest primarily in large-cap stocks, when it bought oil-backed bonds last year.
According to Grant Thornton, the liquidator of the US$550 million DD Growth Premium funds, “allegations have been made that these bonds not only fell outside the parameters of the mandated investment strategy of the fund, but that the bonds had no real value.”
The latter claim seems to have been proven false, as Grant Thornton said that “interest has been expressed by an interested party in acquiring the bonds at a substantial proportion of face value.”
Micalizzi said that sale could come this month. If it does, “we will be able to address the SFO investigation from a position of having made the investors in the Caymans funds whole,” he told Bloomberg News.
“We have disclosed absolutely everything to at least three independent bodies,” Micalizzi said.
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…