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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: hedge fund

hedge fund stories: 95 news summaries

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Jury Clears Fund Managers
in Bellwether Case

Bear Sterns execs accused of fraud go free

Nov 10, 09 5:29 PM CST
(AP) - Two Bear Stearns executives who ran hedge funds that collapsed after betting heavily on the shaky subprime mortgage market were acquitted today of lying to investors—a defeat in the government's bid to punish fraud exposed by the financial crisis. The closely watched case was the first one against Wall... More »

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Wall Street • Bear Stearns • hedge fund • Ralph Cioffi • hedge funds • Matthew Tannin

Look Out, Wall Street:
Feds Using Wiretaps Now

Insider trading case against Galleon is first to use the tactic

Oct 17, 09 1:04 PM CDT
(Newser) - The bad boys of Wall Street better watch their mouths. Federal prosecutors used wiretaps to make their case against hedge fund giant Raj Rajaratnam this week, and they plan to use them again in similar investigations. Wiretaps may be common when going after the mafia, say, or terrorists, but their... More »

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Wall Street • insider trading • hedge fund • wiretap • wiretapping • Raj Rajaratnam • Galleon Group

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

Oct 16, 09 11:03 AM CDT
(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs... More »

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insider trading • SEC • hedge fund • conspiracy • bank fraud • criminal charges • Securities and Exchange Commission • Raj Rajaratnam • Galleon Group

Investors Ditch Once Lofty Cerberus Fund

Failed investments in Chrysler, GMAC have clients pulling $5.5B

Aug 29, 09 3:48 PM CDT
(Newser) - Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been... More »

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Chrysler • Cerberus Capital Management • investors • recession • hedge fund • Stephen Feinberg • liquidity • GMAC • economic downturn

Investors: Fund Manager Blew Cash on Porn, Swingers Club

He's also tied to a Palin-themed porno

Aug 12, 09 11:35 AM CDT
(Newser) - A group of hedge fund investors are suing California moneyman Milton Ault III, saying he used their money to “fund his lifestyle, which included the development of a ‘swingers ranch’ in the Catskills and other pornographic-related endeavors,” according to court filings. Ault, who says he’s been... More »

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pornography • hedge fund • swingers • swingers club

 CIA Wants You, I-Banker 


May 28, 09 3:50 PM CDT
(Newser) - The CIA is looking for a few good bankers to track down millionaire bad guys and stymie financial terrorism, the New York Post reports. Ads on Bloomberg Radio ask money whizzes to use their “intelligence for the work of a nation.” The $160,000 salary will probably be... More »

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Wall Street • CIA • recruitment • hedge fund • investment bankers • financial sector • terrorism financing • professional

 Madoff Money Man Steps Down 

Cuomo pushes Merkin out

May 19, 09 10:45 AM CDT
(Newser) - Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,”... More »

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hedge fund • Andrew Cuomo • Ponzi scheme • New York Attorney General • Bernard Madoff • Ezra Merkin

 NY Lawyer 
 Pleads Guilty 
 to $400M Fraud 

Dreier bilked clients, spent cash on yacht and beach houses

May 12, 09 8:34 AM CDT
(Newser) - New York lawyer Marc Dreier pleaded guilty yesterday to selling hundreds of millions in bogus promissory notes to hedge funds and other clients, reports the Times. Dreier, 59, used the $400 million to fund a Manhattan apartment, beachfront houses, and an $18 million yacht. “He has disgraced the honorable... More »

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fraud • hedge fund • conspiracy • money laundering • wire fraud • securities fraud • hedge funds • Marc Dreier • Jay-ZTV

Summers Reaped Millions
From Bailout Recipients

Earned $2.7M in speakers fees last year

Apr 4, 09 7:25 AM CDT
(Newser) - Lawrence Summers, President Obama's top economic adviser, received hefty speaking fees last year from Wall Street giants that later got bailout cash, Bloomberg reports. Summers received a total of $2.7 million from firms like Goldman Sachs and Citigroup on top of the $5.2 million salary he got from... More »

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Wall Street • hedge fund • speech • financial disclosure • Lawrence Summers • National Economic Council

Scammed Law Student Wins Freeze of Madoff Bro Funds

Peter Madoff had 'full knowledge' of scam, lawsuit charges

Mar 26, 09 3:48 AM CDT
(Newser) - A Brooklyn law student who lost a $500,000 inheritance in the Bernard Madoff scam has won a court order freezing the assets of the swindler's brother, reports Reuters. Peter Madoff was in charge the student's trust, which he invested in Madoff's s scheme. Peter Madoff was an executive officer... More »

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hedge fund • scam • Ponzi scheme • Bernard Madoff • Peter Madoff

(Newser) - Tim Geithner today proposed a major expansion of federal regulatory powers, reports the Washington Post. In testimony before Congress, the Treasury chief called for hedge funds, derivatives markets, private equity firms, and major insurers like AIG to be brought under strict federal supervision for the first time. His plan, which... More »

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private equity • derivatives market • hedge fund • Treasury Department • financial institutions • bank regulation • Obama administration • financial crisis • Timothy Geithner

(Newser) - The White House will roll out a plan next week to oversee executive pay and more deeply regulate Wall Street, the New York Times reports. Officials are still debating the details, but under the proposal, the Fed will supervise compensation at financial firms, banks, and other companies—even ones that... More »

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Barack Obama • Wall Street • executive privilege • derivatives market • hedge fund • executive bonuses

 Obama Moves Quickly to 
 Overhaul Finance Rules 

Details of plan to emerge by April when prez heads to London summit

Jan 25, 09 6:58 AM CST
(Newser) - The Obama administration aims to quickly beef up regulation of the US financial system to stave off economic implosion, the New York Times reports. Plans include tightening rules on hedge funds, credit rating agencies, and mortgage firms, and keeping a closer watch on financial instruments at the center of the... More »

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SEC • hedge fund • mortgage brokers • regulation • economy • credit rating • financial crisis • credit default swap • President Obama

SEC Charges 'Mini-Madoff' With Fraud

Fugitive fund manager remains on the run as cops follow trail to La.

Jan 22, 09 9:55 AM CST
(Newser) - A Florida hedge fund manager who's been on the run for more than a week will find federal fraud charges waiting for him if and when he resurfaces, Reuters reports. Arthur Nadel transferred more than $1 million of clients' money into secret accounts before disappearing, the SEC alleges in a... More »

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New Orleans • hedge fund • fugitive • Ponzi scheme • securities fraud • defrauding investors • Art Nadel

 Florida 'Mini-Madoff' 
 Missing With $350M 

Police searching for fund manager after clients complain of missing millions

Jan 17, 09 7:48 AM CST
(Newser) - A Florida hedge fund manager is missing along with hundreds of millions of dollars of his clients' money, the Sarasota Herald-Tribune reports. Art Nadel, 75, was reported missing Wednesday after his wife found a suicide note. Stunned investors have been told that Nadel's funds, thought to have totaled $350 million,... More »

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Florida • hedge fund • investment • money management • Ponzi scheme • missing person • securities fraud • Art Nadel • recession depression

Glossies

Dow and Dirty: Investor Pushes Porn Hedge Fund

AdultVest, claiming 50% growth, sinks money into porn for iPod, among other things

Jan 8, 09 11:04 AM CST
(Newser) - Looking for a conservative investment? Forget bonds and go for bondage—or, at least, that’s the pitch for AdultVest, a hedge fund its CEO tells the Atlantic is an adult-entertainment industry first. The spiel: AdultVest is up 50% in the past year (based on “very conservative” appraisals), and... More »

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adult website • pornography • iPod • sex • hedge fund • investment

Madoff Was Livin' Large in Lap of Luxury

High-roller owns yacht, jets, and properties up and down East Coast

Dec 24, 08 4:12 AM CST
(Newser) - If disgraced money-man Bernard Madoff felt any guilt about his Ponzi-scheme hedge fund, you'd never know it. Now that he's under house arrest, his "lifestyle of the rich and infamous" is somewhat limited, but in a fitting tribute to a man who just fleeced investors of $50 billion, CNN... More »

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Florida • Matt Lauer • hedge fund • jet • Ponzi scheme • French Riviera • yachts • scandal • Ernest Hemingway • apartment • Bernard Madoff

 Madoff Investor Kills Himself 

Hedge fund head who lost $1.4B committed suicide

Dec 23, 08 1:44 PM CST
(Newser) - A hedge fund founder whose firm lost $1.4 billion in Bernie Madoff's Ponzi scheme was found dead in his Manhattan office today, an apparent suicide, reports the New York Times. Rene-Thierry Magon de la Villehuchet, 65, had been trying to recover money for European clients of Access International... More »

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Wall Street • suicide • UBS • hedge fund • Ponzi scheme • Bernard Madoff • recession depression

Conn. Firm Collected $500M From Madoff's Marks

Fairfield Greenwich didn't deliver promised oversight to clients

Dec 22, 08 12:32 PM CST
(Newser) - With its clients having lost $7.3 billion in Bernard Madoff’s Ponzi scheme, a Connecticut hedge-fund advising firm wants the public’s sympathy—but in fact, the Fairfield Greenwich Group took almost $500 million in fees alone from the money Madoff shepherded. And, the New York Times reports, it’... More »

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fraud • Connecticut • hedge fund • investment • Ponzi scheme • hedge funds • Bernard Madoff • Fairfield Greenwich Group

Middlemen
Lose Billions in Madoff Fraud

Hedge funds that sold access to Ponzi
scheme face collapse

Dec 17, 08 8:41 AM CST
(Newser) - Last week Walter Noel was a successful hedge fund manager, with houses from Connecticut to the Caribbean and an adulatory photo shoot in Vanity Fair. But overnight, when Bernie Madoff's giant Ponzi scheme was exposed, his $14.1 billion firm, Fairfield Greenwich Group, lost more than half its assets. While... More »

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fraud • hedge fund • Ponzi scheme • defrauding investors • hedge funds • Bernard Madoff

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