Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
CityWire.co.uk – Bernard Madoff’s wife Ruth is being sued for $44.8 million (€31.9 million) by the trustee for the victims of his $50 billion Ponzi scheme.
Court-appointed trustee Irving Picard is the first person to take action against Madoff’s family members, all of whom have denied knowledge of the scam.
Picard’s lawsuit states: ‘Regardless of whether or not Mrs Madoff knew of the fraud her husband perpetrated…she received tens of millions of dollars…to which Mrs Madoff had no good faith basis to believe she was entitled.’
Independent – A New York-based hedge fund, run by former Goldman Sachs executives and family members of the Ziff Davis publishing dynasty, has become the biggest shareholder in Babcock & Brown Capital (BCM), Eircom’s main shareholder.
Och-Ziff Capital Management now holds just over 12pc of the potential takeover target, having increased its stake from 4.76pc just a day after the unsolicited €95m bid for BCM from an Australian consortium including Rob Topfer who orchestrated the company’s bid for Eircom back in 2006.
Daily Monitor – Wall Street may be bruised and battered, but it still donated more money than any other U.S. industry to President-elect Barack Obama’s inaugural festivities on Tuesday, a study has found.
The Center for Responsive Politics said executives of finance, insurance and real estate companies and their family members gave $7.1 million to Obama’s inaugural committee.
Top donors from the world of high finance included George Soros, Ronald Perelman and David Shaw, the center said.
San Francisco Gate – Friday, January 9, 2009 Alexander James Trabulse, 61, was taken into custody Monday, according to U.S Customs and Border Protection officials. He appeared later that day before U.S. Magistrate Elizabeth Laporte in San Francisco and is to return to court today.
He was arrested three days after federal prosecutors charged him with mail fraud in a complaint filed in U.S. District Court in San Francisco.
Authorities said Trabulse sent account statements to investors in his Fahey Fund that inflated the hedge fund’s returns by as much as 200 percent, while using investor money to purchase cars and finance shopping sprees for family members.
