Tag Archives: fraud
Hedge Fund Manager Gets 7 Years For Fraud
New York (HedgeCo.net) – Hedge fund manager Michael C. Regan was sentenced in a federal court in Brooklyn, N.Y. to seven years in prison for fraud. Just last June, Regan settled charges with the SEC on another of his hedge […]
Prosecutors Present Evidence of Fraud in Cioffi Case
New York Times – Ahead of a scheduled trial next month, prosecutors have identified “direct evidence” that they say shows a former hedge fund manager, Ralph Cioffi, used his investment in a fund he controlled to obtain a $4.2 million […]
Madoff trustee says Cayman and Bermuda funds ignored lawsuits
Caribbean Net News – The trustee liquidating Bernard Madoff’s business told a judge that two Cayman Islands and Bermuda hedge-fund firms accused of profiting from the fraud are ignoring his lawsuits seeking a total of $230.7 million in damages. Trustee […]
Ex-Bear Hedge Manager Allegedly Sought to Use Funds for Condo
Bloomberg – Former Bear Stearns Cos. hedge fund manager Ralph Cioffi, indicted for an alleged fraud that helped bring down the securities firm, attempted to use his $2 million redemption from a fund he supervised as collateral for a condominium, […]
Madoff victims sue his family for $45m
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, […]
Madoff trustee in settlement talks with Bermuda fund manager
Caribbean Net News – The trustee liquidating Bernard Madoff’s business told a judge he is in settlement talks with three Fairfield Greenwich Group hedge funds accused of taking $3.54 billion in fake profit from the conman’s fraud. Trustee Irving Picard […]
SEC Freezes Assets of Illinois-based Hedge Fund Manager Who Was $2 Billion Feeder to Petters Ponzi Scheme
Kansas City infoZine – The SEC’s complaint, filed in U.S. District Court for the District of Minnesota, alleges that Gregory Bell and Lancelot Management LLC invested more than $2 billion in hedge funds assets with Petters and pocketed millions of […]
Investor in Petters’ alleged scheme charged
Kare11.com – An Illinois hedge fund manager who claimed to be the biggest victim of Minnesota businessman Tom Petters’ alleged Ponzi scheme was actually a participant in it, the Securities and Exchange Commission says. Greg Bell and his company, Lancelot […]
Facing suits, Merkin sells art trove
Boston Globe – It’s been a bad few months for New York financier J. Ezra Merkin. First, his hedge funds lost $2.4 billion in the Bernard Madoff swindle. Then, he lost his post as chairman of GMAC Financial Services. Now, […]
Hedge funds to shape up as investors crack the whip
Reuters UK – Hedge funds are going to have to dance to their investors’ tune once more as lucrative profits fall and a new breed of clients begins flexing its muscles, demanding more results from managers. Institutional clients, a growing […]
Lake Shore Asset Management chief Philip J. Baker indicted
Chicago Tribune – Federal prosecutors have unsealed a wide-ranging indictment against Philip J. Baker, accusing the head of Chicago-based hedge fund Lake Shore Asset Management Ltd. of defrauding hundreds of investors out of roughly $312 million. U.S. Atty. Patrick Fitzgerald […]
Chicago Hedge Fund Manager Indicted
New York Times – The managing director of a collapsed Chicago hedge fund, Lake Shore Asset Management, was indicted by a federal grand jury. Prosecutors say the director, Philip J. Baker, operated a $300 million fraud. The 27-count indictment was […]
