US Money Managers Look Abroad

Marcus Schrenker jailed for securities fraud

(NEWSER) - An Indiana money manager who scammed his friends and then tried to fake his own death in a plane crash has been sentenced to 10 years in a state prison for fraud. Marcus Schrenker will serve that sentence consecutively with a 4-year federal sentence he received last year for parachuting out of his small plane to leave it crash in Florida, AP reports. More»

Clients included Uma Thurman and Martin Scorsese

(NEWSER) - A money manager who catered to high-profile celebrities and wealthy New Yorkers has been charged with running a $30 million Ponzi scheme. The client list of Kenneth Starr (no, not that Kenneth Starr) includes Uma Thurman and Martin Scorsese, reports Reuters . No details on exactly who lost what, but Starr made enough to afford a $7.5 million Manhattan apartment. More»

But avoids major US holdings in hunt for healthy returns

(NEWSER) - China's colossal sovereign wealth fund has steered clear of buying large chunks of US firms as it seeks better returns on its portion of the country's $2.4 trillion in foreign reserves. An SEC filing released yesterday shows that the $300 billion fund holds a relatively low $9.63 billion in equity US-listed companies, AP reports. More»

Sovereign-wealth fund to ramp up spending after quiet 2008

(NEWSER) - China’s sovereign-wealth fund has its eyes on US real estate, the Wall Street Journal reports. China Investment Corp. laid low throughout 2008 as the global economy teetered but is now opening its coffers. And depressed US commercial property values—off 35% from their peak—coupled with cheap government financing, could lead to widespread purchasing by the fund. CIC already has met with US private-equity firms. More»

(NEWSER) - "When we made love, I was on fire"—that is the frank admission by Bernie Madoff's married mistress in a new tell-all book about their years-long affair. Sheryl Weinstein, who worked for a Jewish women's group and lost her life savings with Ponzi schemer, reveals that she and Madoff smoked marijuana during their hotel-room trysts in New York and Washington. She also coldly notes that "this man was not well-endowed." More»