Ad Salesman-Turned-Hedge Manager at Center of Loss

Bloomberg – Helmut Kiener went from selling advertising for telephone books and getting paid by the ad to starting a German hedge-fund firm that would eventually make bets using millions borrowed from such banks as Barclays Plc, JPMorgan Chase & Co. and BNP Paribas SA.

Police and prosecutors yesterday raided Kiener’s ivy- covered villa near Frankfurt, part of a joint German-U.S. investigation into what may be losses amounting to $400 million, people familiar with the probe said. A woman who identified herself as Kiener’s wife declined to comment when a Bloomberg News reporter rang the door bell last night. Neither Kiener nor anyone at his firm, K1 Group, has been publicly accused of wrongdoing in connection with the probe.

Read Complete Article

This entry was posted in Syndicated and tagged . Bookmark the permalink.

Leave a Reply