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Financial Times- When hedge fund manager and convicted fraudster Samuel Israel III disappeared this month, leaving nothing but the message "suicide is painless" scrawled in the dust on his car, you can be sure his life assurer did not pay out – not least because police believe he was trying to fake his death.
Another type of insurance policy might soon help investors caught up in scams such as the $400m Mr Israel sucked out of Bayou Management.
At the least, the new products being created should provide hedge fund investors with peace of mind amid widespread fear of fraud in the industry.
Today, a second insurance product begins offering hedge fund investors cover for fraud losses, as Integro, a New York insurance broker, and Amber Partners, a risk rating agency for the industry, aim to capitalise on the fear of swindlers.
"While they [frauds] are not frequent within our industry, they occur enough that it causes investors to consider it seriously," said Reiko Nahum, chief executive of Amber.
Financial Times- When hedge fund manager and convicted fraudster Samuel Israel III disappeared this month, leaving nothing but the message "suicide is painless" scrawled in the dust on his car, you can be sure his life assurer did not pay out – not least because police believe he was trying to fake his death.
Another type of insurance policy might soon help investors caught up in scams such as the $400m Mr Israel sucked out of Bayou Management.
At the least, the new products being created should provide hedge fund investors with peace of mind amid widespread fear of fraud in the industry.
Today, a second insurance product begins offering hedge fund investors cover for fraud losses, as Integro, a New York insurance broker, and Amber Partners, a risk rating agency for the industry, aim to capitalize on the fear of swindlers.
Philadelphia Daily News- A hedge-fund swindler who was supposed to be driving himself to prison abandoned his car on a bridge with the phrase "Suicide is Painless" scrawled on its hood, but no body has been found in the river below – and the victims of his fraud say they doubt he killed himself.
The FBI, too, is skeptical, saying it is "actively looking" for the missing man, Samuel Israel III.
Israel, 48, a co-founder and chief executive of the now-collapsed Bayou hedge funds, was sentenced in April to 20 years in federal prison for conspiracy and fraud, to begin Monday afternoon. He was also ordered to pay $300 million to his victims.
Ross Intelisano, who represents 20 investors who lost $25 million, said yesterday his clients are skeptical about any Israel suicide.
