Founder Of K2 Hedge Fund Slapped With Nine Month Trading Ban Over ‘spoofing’
Shawn Kimel, the founder of Toronto-based hedge fund K2 & Associates Investment Management Inc., has paid the Ontario Securities Commission a $550,000 penalty and agreed to a nine-month prohibition on trading in both a personal and professional capacity to settle allegations of manipulative trading. The settlement, approved Friday by a three-member panel of commissioners chaired by OSC vice-chair Grant Vingoe, also stipulates that K2 will submit to a review of its trading practices and procedures by a third party acceptable to the regulator.
$1B Crypto Asset Hedge Fund Quantreq Onboards Wall Street Professionals
The cryptocurrency hedge fund Quantreq has decided to expand its team by hiring experts from Wall Street. Although the crypto market has been in a bear trend since the beginning of the year, Quantreq Capital Markets does not seem to be worried about it. And indeed, it remains positive about the future of the space. The company decided to hire several important traders and bankers from Wall Street firms since it wants to increase the amount of managed assets which currently is over $1 billion dollars.
Lying Hedgie Pleads Guilty To Securities Fraud, Will Forfeit $13M
A hedge fund manager who lied about nearly everything to attract investors pleaded guilty to securities fraud Friday. Beginning in 2015, Nicholas Genovese wooed clients into his Willow Creek hedge fund by falsely claiming to be an heir to the Genovese Drug Stores fortune, the Justice Department said Friday. Genovese also claimed to be a...
Lying Hedgie Pleads Guilty To Securities Fraud, Will Forfeit $13M
A hedge fund manager who lied about nearly everything to attract investors pleaded guilty to securities fraud Friday. Beginning in 2015, Nicholas Genovese wooed clients into his Willow Creek hedge fund by falsely claiming to be an heir to the Genovese Drug Stores fortune, the Justice Department said Friday. Genovese also claimed to be a former Goldman Sachs partner and a graduate of Dartmouth College's Tuck School of Business, prosecutors said. But Genovese was actually a convicted felon with a rap sheet dating back to 1997, the Justice Department said.
Bitcoin Hedge Fund And Ceo Slapped With $2.5M Penalty For Ponzi Scheme
A New York federal court has ordered BTC hedge fund Gelfman Blueprint, Inc.and its CEO Nicholas Gelfman to pay over $2.5 million in penalties for a fraudulent Ponzi scheme. A New York federal court has ordered a trading firm and its CEO to pay over $2.5 million in penalties for operating a fraudulent BTC Ponzi scheme A New York federal court has ordered cryptocurrency hedge fund Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million for operating a fraudulent Ponzi scheme, according to an official announcement published Oct. 18.
Another One Bites The Dust: Federal Court Bags $2.5M Bitcoin Ponzi Scheme
Gelfman Blueprint Inc. and CEO Nicholas Gelfman misappropriated customers' funds for years. : On Thursday, October 18, a Federal Court in New York officially ordered a $2.5 million fine on Gelfman BluePrint, Inc. (GBI), and Nicholas Gelfman, the company's CEO. GBI has been operating as a Bitcoin hedge fund since it was incorporated in 2014, and had as many as 85 users and 2,367 BTC under its management as of 2015. The US Commodity Futures Trading Commission (CFTC) originally came after the company in September of last year.
Trium Capital Hires For New Top-down Equity Long/short Strategy | Hedgeweek
Trium Capital, a London-based alternative asset manager, has hired Adrien Szappanyos to manage a new top-down equity long/short strategy. : Trium Capital, a London-based alternative asset manager, has hired Adrien Szappanyos to manage a new top-down equity long/short strategy. Szappanyos' appointment is one of several recent high-profile hires, as Trium prepares to unveil a broader proposition to investors later this year. Szappanyos brings a wealth of experience to the new role, having spent the past six years managing fundamental and technical strategies at a family office.
How The Hedge Fund Manager Running Sears Cut His Losses - The New York Times
Edward S. Lampert, who leads the struggling retailer, has taken control of valuable real estate and businesses. The hedge fund manager Edward S. Lampert has spent the last 14 years steering Sears as it spun off businesses, took on debt and, this week, filed for bankruptcy protection. His hedge fund, ESL Investments, appears to have racked up a much more modest loss than the company's Chapter 11 bankruptcy filing would suggest, according to corporate filings and interviews with analysts and investors. ESL's nearly 50 percent stake in Sears will probably be wiped out in bankruptcy.
Crypto Hedge Fund Quantreq Expands Staff With Wall Street Hires
Quantreq is far from the only crypto firm to poach talents from Wall Street. : Crypto-oriented financial services provider Quantreq Capital Markets seems unperturbed by the prolonged decline in the cryptocurrency market and is pushing ahead with its business expansion. The self-described "first crypto fund-only administrator" has hired several traders and bankers from established finance firms as the company embarks on ambitious plans to increase its managed asset base which claims to be over $1 billion.
Hedge Fund Execs Dragging Down The Richest New Yorkers
Earlier this week, new figures on income and taxes from the Independent Budget Office showed a big increase in the amounts needed to be a proud member of the Top 1% or even the Top 10%. But those figures also showed that the percent of income attributed to the top 1% declined in 2015 and 2016 by almost five percentage points. Nationally, there was a very small tick downward. Could this mean the richest New Yorkers are moving elsewhere? No, but it might mean that the hedge fund business wasn't very lucrative in those years - and probably not since.