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Hedge Fund

BUSINESS
July 21, 2013 | By Marcy Gordon, Associated Press
WASHINGTON - The Securities and Exchange Commission filed civil charges Friday against Steven A. Cohen, accusing the billionaire hedge-fund manager of failing to prevent insider trading at the fund he founded. Cohen founded and runs SAC Capital Advisors. The government has called the case one of the biggest insider-trading fraud cases in history. The SEC said Cohen failed to supervise two senior employees of SAC and prevent them from illegal insider trading. As a result of illegal trades by Cohen's hedge funds, the funds reaped profits and avoided losses of more than $275 million, the SEC said.
BUSINESS
March 30, 2013 | By Larry Neumeister, Associated Press
NEW YORK - A senior portfolio manager for one of the nation's largest hedge funds was arrested Friday, accused of joining an insider-trading conspiracy that the government said made more than $6 million illegally for the investment company founded by billionaire businessman Steven A. Cohen. The arrest broadens the government's probe of trading practices at SAC Capital Advisors, which manages $15 billion. Two weeks ago, the Securities and Exchange Commission said two affiliates of SAC Capital would pay more than $614 million in what federal regulators called the largest insider-trading settlement ever.
NEWS
February 8, 2013 | By Sam Wood, PHILLY.COM
The founder of several hedge funds, already serving 10 years in a German prison for defrauding investors of nearly $500 million, is now facing similar charges in Philadelphia. Helmut Kiener, 53, controlled a number of hedgefunds including K1 Global Limited, Oceanus, Mezzanine and K1 Invest. According to federal prosecutors, Kiener misappropriated $311 million in an elaborate Ponzi scheme that he used to pay for a luxurious lifestyle. Among Kiener's alleged victims: Bear Stearns which lost $82 million to Kiener for three years until the financial institution went belly up in 2008; Barclays Bank which lost $137 million and BNP Paribas which lost $13.4 million.
BUSINESS
January 28, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
It was an expensive throw of the dice: Back in 2006, the Pennsylvania State Employees Retirement System (SERS) and its board, headed by ex-state Rep. Nicholas Maiale (D., Phila.) , gave more than $3 billion to six private investment firms so they could use it to buy high-priced hedge fund investments, in hopes of fat profits. The goal was to beat the sluggish stock and bond markets and ease the system's deficit, which had been growing since Gov. Tom Ridge boosted pensions in 2001 but failed to pay for the increase.
NEWS
September 27, 2012 | By Sam Wood, INQUIRER STAFF WRITER
The former CEO of a hedge fund set up for the "little guys" and "moms and pops" admitted today that he conspired with others to swindle those same "little guys" of more than $4 million. Michael J. Spak, 44, of Burlington County, ran the Osiris Fund which convinced 75 people to invest $12 million from June 2009 through November 2011, according to court documents. Though Spak and his associates had promised to take no more than 3 percent fee, they spent $300,000 to buy the "Fintastic," a luxury sportfishing boat, and fraudulently diverted another $4 million, according to U.S. Attorney Paul J. Fishman.
ENTERTAINMENT
June 27, 2012 | Jenice Armstrong
WEALTHY HEDGE fund CEO Daniel Shak is going after his ex-wife in one of the most lowdown and dirty ways a man can go after a woman. No, he's not after custody of the kids. He's after the shoes. Specifically, he wants to get his hands on his ex-wife Beth's extensive collection of designer stilettos. We're talking Christian Louboutons (a/k/a red bottoms), which start at about $600 and can cost upward of $4,000. Beth owns about 700 pairs of those alone, not to mention numerous pairs by the likes of Walter Steiger, Yves St. Laurent and Jimmy Choo.
NEWS
April 1, 2012 | By Mike Armstrong, Inquirer Staff Writer
The sale of The Inquirer, Philadelphia Daily News, and Philly.com will likely be announced Monday, according to several sources. A local investor group has spent much of the last two months negotiating to acquire PMN from its hedge-fund owners in a transaction valued at $55 million to $60 million, according to multiple reports. With paperwork still to be signed, delays are always possible at the 11th hour. The buyers of Philadelphia Media Network Inc. are a group of local investors, led by George E. Norcross III, executive chairman of Conner Strong & Buckelew, a South Jersey insurance brokerage; and Lewis Katz, former chairman of Interstate Outdoor Advertising.
NEWS
March 22, 2012 | BY JAN RANSOM, Daily News Staff Writer
WHY DID City Councilman Bill Green sponsor a bill that exempts private investment or hedge funds and their general managers from paying business taxes? Hedge funds have drawn scrutiny in the wake of the 2008 economic crash, in particular because their managers pay lower levels of federal taxes. But Green, who used to work in finance, says he's not trying to play favorites and is just looking to help the city's economy. "I anticipate this will create jobs and result in far more revenue," Green said.
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