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As reported by the New York Times on September 30, 2015 (“Risky Strategy Sinks Small Hedge Fund”), the Spruce Alpha LP Fund, a Stamford, Connecticut based hedge fund which had been pitched to investors as offering large returns in periods of market turbulence, lost 48% of its value during the month of August 2015. Spruce […]
A reported in a recent blog posting by the Securities Litigation & Consulting Group, (“The Recent Market Turmoil Spells Trouble for ‘Auto-Liquidators’ like Interactive Brokers”), brokerage firms that require their clients to agree to the automatic liquidation of positions when their accounts are in a margin deficit face renewed questions after the wild stock-market gyrations […]
The Securities and Exchange Commission today announced that two Citigroup affiliates have agreed to pay nearly $180 million to settle charges that they defrauded investors in two hedge funds by claiming they were safe, low-risk, and suitable for traditional bond investors. The funds later crumbled and eventually collapsed during the financial crisis. Citigroup Global Markets […]
The Securities and Exchange Commission today charged a Houston-area businessman with operating a $114 million Ponzi scheme that defrauded investors, some of whom were told that their money would fund technology to prevent accidents caused by drowsy driving. The SEC’s case filed in federal court in Houston charged Frederick Alan Voight of Richmond, Texas with […]
The Securities and Exchange Commission today charged a purported investment adviser in San Diego with stealing money from clients for personal use and conducting a Ponzi scheme to pay customers making redemption requests. In a complaint filed in federal court in San Diego, the SEC alleges that Paul Lee Moore and Coast Capital Management, his […]