SEC
drops fraud case against San Francisco firm Mar 3 2007, San Francisco Chronicle
The Securities and Exchange Commission has dismissed its civil
fraud case against Global Crown Capital, a San Francisco investment
company, after a court ruling raised questions about the commission's
authority to go after hedge fund advisers who allegedly misled
investors.
SEC
Files Settled Securities Fraud Charges Against Hedge Fund
Adviser and One of Its Managing Members Feb 26, 2007
The Securities and Exchange Commission (Commission) today
filed a settled civil injunctive action against a Northbrook,
Illinois hedge fund adviser, Crestview Capital Partners, LLC
(Crestview), and one of its managing members, Stewart R. Flink,
charging them with making fraudulent representations in connection
with investments by Crestview-managed funds (Crestview funds)
in two registered direct offerings.
Attorney
General Shuts Down Prince George's Hedge Fund Feb 22, 2007. ABC 7 News
The Maryland attorney general's office says the operator of
Prince George's County hedge fund, LaJon Capital Fund, illegally
collected millions of dollars from investors, then lost most
of it in bad investments.
Hedge
Fund Missing $28 Million Charged With Commodity Fraud Feb. 9, 2007. Andrews Publications
The Commodity Futures Trading Commission named Renaissance
Asset Management LLC, a hedge fund based in Roswell, Ga.,
and CEO Anthony Ramunno Jr. of Atlanta in a civil lawsuit
filed in the U.S. District Court for the Northern District
of Georgia.
SEC
Charges Family-Run Hedge Fund With A $3.7 Million Insider
Trading Scheme Washington, D.C., Feb. 8, 2007
The Securities and Exchange Commission today charged seven
individuals with engaging in an insider trading scheme that
netted over $3.7 million in profits and losses avoided over
four years. The defendants include a father and his three
sons, a family-run hedge fund, and other relatives and friends.
The defendants also include accountants and lawyers at some
of the nation's largest firms.
CFTC
Lodges Anti-Fraud Action Against New York Hedge Fund LawAndTax-News
The US Commodity Futures Trading Commission (CFTC) announced
the filing of a complaint in the US District Court for the
Northern District of Georgia against Cornerstone Capital Management
LLC, a New York-based hedge fund, and its chief executive
officer, Joseph Profit II, of Atlanta.
Vaughn's
mom settles with SEC investmentnews.com
Ms. Vaughn, sole owner of Directors Financial Group Ltd.,
Lake Forest, Ill., ran afoul of the SEC after allegedly defrauding
investors in Directors Performance Fund LLC.
Ex-hedge
fund manager charged with fraud The Associated Press
The former head of Idaho hedge-fund company Wood River Capital
Management LLC has been indicted on criminal charges that
he engaged in a securities fraud scheme that allegedly cost
investors $88 million.
Castle
Rock man charged with fraud Christine Tatum, Denver Post Staff Writer
A federal grand jury has indicted a Castle Rock man on charges
of mail and wire fraud and money laundering related to an
investment fund scheme known as "Global Prosperity Fund."
Joseph A. Ferona, 45, is accused of bilking investors of more
than $2.8 million.
Man
Released In Greenwich Hedge Fund Scam DON STACOM, The Hartford Courant
Twenty months after he was jailed for trying to pass $43 million
in counterfeit checks between New York and Swiss banks, Hakan
Yalincak was released today - at least temporarily. The 22-year-old
former Bristol man told reporters as he left a federal courthouse
that more people will be arrested in a related crime, the
multimillion-dollar Daedalus Relative Value Fund investment
swindle.
NFL
Stars, Charmed by Kirk Wright, Lose Millions in Hedge Fund
Monee Fields-White, Bloomberg
When the FBI finally caught up with hedge fund manager Kirk
Wright, he was lounging by the pool with his wife, Kilssis,
at the Ritz-Carlton hotel in Miami's South Beach neighborhood.
Hedge
Fund Advisors Indicted In Alleged $190 Million Scam U.S. Department of Justice
The Indictment alleges that John Kim and others orchestrated
a massive investment fraud in the operation of various hedge
funds under the umbrella of the KL Group, LLC, initially based
in California and later in Palm Beach County. Also charged
were Won Sok Lee and Yung Kim, John Kim’s brother, for
participating in the massive scheme, in which nearly $195
million was received from investors between 2000 and 2005.
Also indicted were three hedge fund advisor companies that
were allegedly owned and controlled by the individual defendants:
KL Group, LLC, KL Florida, LLC and KL Triangulum Management,
LLC. The corporate defendants were charged only in connection
with the investment fraud conspiracy.
FSA
fines GLG Partners and Philippe Jabre £750,000 each
for market abuse 1 Aug 2006
Mr Jabre, on behalf of the GLG Market Neutral Fund which he
managed for GLG, improperly short-sold ordinary shares in
Sumitomo Mitsui Financial Group Inc (“SMFG”) to
the value of $16 million ahead of an announcement of a new
issue of convertible preference shares in SFMG. He had been
“wall-crossed” and given advance confidential
information on the prospective issue by Goldman Sachs International
(“GSI”) who were pre-marketing the issue.
Lone
Star Funds indicted in South Korea Sangim Han and Yoolim Lee / Bloomberg
Lone Star Funds was indicted Monday on charges of stock manipulation
in South Korea, the latest blow to the Dallas-based buyout
firm as it struggles to complete the sale of Korea Exchange
Bank for a profit of more than $4 billion.
Bond
Denied For Manager In FBI Obstruction Case CBS Broadcasting Inc
A Valencia hedge fund manager who admitted conspiring to defraud
investors, then was rearrested for allegedly obstructing a
probe into whether he laundered money, won't be let back out
on bond. Keith Gilabert, 35, is accused of causing investors
to lose more than $6 million of the $14 million invested in
a fund run through his company, Capital Management Group.
SEC
files charges against hedge fund HMC, principals SIOBHAN HUGHES, The Associated Press
The Securities and Exchange Commission on Wednesday moved
to stop what it called an ongoing fraud at New Jersey-based
hedge fund HMC International LLC orchestrated by manager Robert
Massimi and the fund's top trader, Bret Grebow.
CFTC
Charges California Resident Gilbert Philip Castillo, Jr.,
and His Company, Castle Enterprise Corporation, with Fraud
The U.S. Commodity Futures Trading Commission (CFTC) announced
today the filing of a complaint in the U.S. District Court
for the Northern District of California charging that Gilbert
Philip Castillo, Jr., and Castle Enterprise Corporation (Castle
Enterprise), both of Walnut Creek, California, fraudulently
solicited members of the general public while acting as unregistered
commodity trading advisors (CTAs) in violation of the Commodity
Exchange Act (CEA).
Texas
hedge fund manager settles for $1.68m 10 May 2006. eFinancialNews
Stuart Pippin, a Texas hedge fund manager, will pay $1.68m
(€1.31m) to settle fraud charges for misappropriating
nearly $2m he raised for his hedge fund, Pippin Investments.
Bayou hedge
fund fraud
Samuel Israel III, Daniel E. Marino, and an associate, carried
out a scheme to defraud investors in a family of hedge funds
controlled by them directly and through defendant Bayou Management,
LLC.
SEC
targets Lauer's Lancer in first big hedge fund case July 11, 2003. Canada StockWatch
In the biggest blow to date for the largely unregulated hedge
fund industry, the United States Securities and Exchange Commission
has launched a major civil prosecution against the Lancer
Group, a purported billion-dollar offshore hedge fund group
based in Connecticut, and its head Michael Lauer, alleging
the once highflying fund group was little more than massive
rig job of largely illiquid penny stocks on the OTC Bulletin
Board. Lancer's many clients include such celebrities as Alfred
Taubman, the former chairman of Sotheby's, jailed for rigging
art auction commissions, and the University of Montreal pension
fund, which filed suit in the last week to recover $100-million
(Canadian) it invested with Lancer.
SEC
charges hedge fund Jan 19, 2000 CNNMoney
Manhattan Investment Fund Ltd., a hedge fund organized and
managed by Berger, Manhattan Capital Management Inc., an investment
adviser firm owned by Berger, and Berger himself have all
been charged with hiding losses in excess of $300 million
and, at the same time, reporting to investors returns of as
much as 27 percent annually, the SEC said in a statement.
SEC
has filed at least 90 fraud cases in 4 1/2 years Bloomberg
Securities and Exchange Commission chairman Christopher Cox
said that hedge fund regulation is ``inadequate" and
that Congress may need to demand more oversight of the $1.2
trillion industry.
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