New York (HedgeCo.Net) - The SEC has targeted hedge funders David Myatt and William Eichengreen, both of Directors Performance Fund, with charges of fraud. 
The two men allegedly took $25 million of their investment advisors money and put it into a “prime bank” scheme.  This kind of scheme generally involves investors fraudulent claims that funds […]

New York (HedgeCo.Net) - New York hedge fund Elliott International’s quest to place two members of its team on the board of New Zealand-based Telecom has officially come to an end when they failed to win the bid at the annual shareholders meeting today. 
Elliot had nominated Mark Tume and Mark Cross in August, after […]

New York (HedgeCo.Net) - Merrill Lynch is still hoping to strike a deal in which Korea Asset Management Corp. would purchase a significant amount of their bad debt.  Talks have been stagnant because of recent disputes over prices, but some say those debts could sell for under $200 million. 
"We have been seeking to buy […]

New York (HedgeCo.Net) - Philip Richards, head of hedge fund RAB Capital, is stepping down and will be replaced with Finance Director Stephen Couttie, according to a statement made by the company yesterday.
Richards ran the $1.4 billion Special Situations Fund, which received poor press and even worse returns when it lost millions thanks to the […]

New York (HedgeCo.Net) - Fortress Investment Group, who oversees more than $18 billion in assets, is starting a new hedge fund that will invest in markets throughout the Middle East and North Africa. 
The new fund, Fortress MENA, is set to launch near the end of September and seeks returns of 20 percent annually, according […]

New York (HedgeCo.Net) - Harbinger Capital Partners is no stranger to aggressively seeking strategic changes within companies in which they invest. This month, it’s Harbinger vs. Cleveland-Cliffs Inc. The mining company is urging shareholders to reject a bid by the activist hedge fund that would give them veto power over one of Cleveland-Cliffs […]

New York (HedgeCo.Net) - New York-based Ore Hill has suspended investor redemptions after hefty withdraws set off an “automatic gate.”  The $1.2 billion Ore Hill International Portfolio, which is partially owned by hedge fund giant Man Group Plc, was frozen after investors sought to redeem about $300 million. 
The credit strategies fund posted a loss […]

New York (HedgeCo.Net) - RAB Special Situations hedge fund is contemplating a share buyback, after getting burned by the nationalization of Northern Rock and the plummeting of share values that followed. The fund said it may repurchase the shares and either hold or cancel them.
"Our strategy has now lost money for three straight quarters […]

New York (HedgeCo.Net) - Harbinger Capital has taken an 8 percent stake in Cablevision Systems Corp., according to a regulatory filing done yesterday with the Securities and Exchange Commission.
The activist hedge fund now owns nearly 19 million shares of the cable operator.  The filing communicated Harbinger’s views that the stock is undervalued and also touched […]

New York (HedgeCo.Net) - Greenwich-based Andor Capital Management will liquidate its $2 billion hedge fund after posting losses due to unfavorable market conditions, following in the footsteps of many failed hedge funds this year.   
Co-founder Daniel Benton announced the decision in a letter to investors this week while outlining a liquidation to start in October.
"My […]

New York (HedgeCo.Net) - Paul Eustace, former head of Philadelphia Alternative Asset Management Company, has been ordered to pay back nearly $300 thanks to his fraudulent ways.
According to a statement by the Commodity Futures Trading Commission, the Canadian resident was able to swindle clients by constructing false account statements and exaggerating the fund’s portfolio worth.  […]

New York (HedgeCo.Net) - Hedge fund fraudster Salman Shariff has been sentenced to 57 months behind bars, years after swindling millions from trusting investors. 
The Miami-based funds raked in almost $11 million from 1998 to 2001, while Shariff afforded himself all of the luxuries indigenous to South Florida, including an oceanfront South Beach condo, a […]