North America

Cyber Market charged with operating a multi-million dollar Ponzi scheme

Cyber Market charged with operating a multi-million dollar Ponzi scheme

Wed, 17/03/2010 - 11:52

The US Commodity Futures Trading Commission has charged Patrick Rakotonanahary and Cyber Market Group, both of Punta Gorda, Florida, with operating a multi-million dollar foreign currency Ponzi scheme in Hawaii and elsewhere in the US. »

North Carolina firm charged with operating foreign currency Ponzi scheme

North Carolina firm charged with operating foreign currency Ponzi scheme

Tue, 16/03/2010 - 15:11

The US Commodity Futures Trading Commission has charged Dennis Todd Hagemann and Yellowstone Partners, both of Raleigh, North Carolina, with operating a Ponzi scheme involving the fraudulent solicitation of at least USD700,000 from at least nine individuals to trade foreign currency futures managed accounts and/or a pooled investment. »

Court issues injunction against Virginia resident in forex fraud scheme

Court issues injunction against Virginia resident in forex fraud scheme

Mon, 15/03/2010 - 05:55

The US Commodity Futures Trading Commission has obtained a preliminary injunction against defendant Ronald W. Smith, Jr., doing business as Safeguard 3030 Investment Club, of Vansant, Virginia, after a federal court held at hearing where the defendant also appeared. »

Texas resident charged with operating forex Ponzi scheme

Texas resident charged with operating forex Ponzi scheme

Thu, 11/03/2010 - 12:42

The US Commodity Futures Trading Commission has charged Willie L. Cloud, Jr. and his investment company C & R Financial, both of Houston, Texas, with operating a Ponzi scheme in connection with foreign currency trading. »

California firm fined USD20.3m in commodity options fraud action

California firm fined USD20.3m in commodity options fraud action

Wed, 10/03/2010 - 14:09

The US Commodity Futures Trading Commission has obtained more than USD20.3m in civil monetary penalties and equity relief in a federal judgment order against David Michael Kogan and his company First Capitol Futures Group, both of Sherman Oaks, California, in an anti-fraud action. »

Court orders forex dealer to pay USD520,000 in sanctions

Court orders forex dealer to pay USD520,000 in sanctions

Mon, 08/03/2010 - 10:27

The US Commodity Futures Trading Commission has obtained an order against defendants One World Capital Group of Winnetka, Illinois and John Edward Walsh of Lake Forest, Illinois, requiring each to pay a USD260,000 civil monetary penalty for failing to demonstrate compliance with CFTC net capital requirements. »

NFA revokes registration of Florida associated persons

NFA revokes registration of Florida associated persons

Fri, 05/03/2010 - 06:09

The National Futures Association has revoked the registrations of Jeremy J. Grena, Nabil P. Niman, Nicholas P. Payne, William M. Rill and Alexander M. Silverman, former associated persons of Pioneer Commodities and Windsor Wealth Management, firms based in Boca Raton, Florida. »

Court issues preliminary injunction against Jay Nolan and Lodge Capital

Court issues preliminary injunction against Jay Nolan and Lodge Capital

Thu, 04/03/2010 - 14:16

The US Commodity Futures Trading Commission has obtained a preliminary injunction against Jay C. Nolan of Wilmette, Illinois and his company Lodge Capital Group of Northfield, Illinois for committing commodity pool fraud. »

Virginia resident charged with operating forex fraud scheme

Virginia resident charged with operating forex fraud scheme

Mon, 01/03/2010 - 12:05

The US Commodity Futures Trading Commission has charged Ronald W. Smith, Jr. of Vansant, Virginia, doing business as Safeguard 3030 Investment Club, with operating a Ponzi scheme involving the fraudulent solicitation of at least USD800,000 from at least 34 customers in connection with off-exchange foreign currency trading. »

CFTC fines California resident and firm USD1m for commodity pool fraud

CFTC fines California resident and firm USD1m for commodity pool fraud

Mon, 22/02/2010 - 15:46

The US Commodity Futures Trading Commission has issued an order imposing a USD1m penalty against Craig A. Riley of Ladera Ranch, California and his firm Pressio Capital Management for fraudulently operating a commodity pool and misappropriating pool participant funds. »

CFTC charges Illinois defendants with commodity pool fraud

CFTC charges Illinois defendants with commodity pool fraud

Mon, 01/02/2010 - 15:46

The US Commodity Futures Trading Commission has obtained an emergency federal court order freezing the assets of defendants Jay C. Nolan of Wilmette, Ill. and his company Lodge Capital Group, an Illinois limited liability company based in Northfield, Ill. »

Minnesota resident violates court orders in CFTC anti-fraud action

Minnesota resident violates court orders in CFTC anti-fraud action

Mon, 01/02/2010 - 12:16

Minnesota federal Chief Judge Michael J. Davis has incarcerated US Commodity Futures Trading Commission defendant Trevor G. Cook for violating the court’s asset freeze order against him by dissipating funds and failing to surrender more than USD35m in assets. »

CFTC charges two Canadian firms for entering into unlawful wash sales

CFTC charges two Canadian firms for entering into unlawful wash sales

Sun, 31/01/2010 - 16:00

The US Commodity Futures Trading Commission has filed and settled charges against Pinemore and Birchmore, two Canadian limited partnerships based in Alberta, Canada, for engaging in unlawful wash sales in the natural gas futures contract on the New York Mercantile Exchange during November and December 2006. »

CFTC charges Scotia Capital USD250,000 for pre-arranged fictitious trades

CFTC charges Scotia Capital USD250,000 for pre-arranged fictitious trades

Sun, 31/01/2010 - 10:36

The US Commodity Futures Trading Commission has issued an order filing and settling charges against Scotia Capital for pre-arranging trades in the natural gas futures contract on the New York Mercantile Exchange during November and December 2006.  »

Two California advisers charged with improper short-selling

Two California advisers charged with improper short-selling

Thu, 28/01/2010 - 10:34

The Securities and Exchange Commission has charged two California investment advisory firms for engaging in improper short selling of securities in advance of their participation in a company's secondary offering.  »

Court issues injunction against Pizzolato in multi-million dollar fraud action

Court issues injunction against Pizzolato in multi-million dollar fraud action

Mon, 04/01/2010 - 11:18

The US Commodity Futures Trading Commission has obtained a preliminary injunction against Matthew B. Pizzolato, formerly of Tickfaw, Louisiana, William C. Guidry of Plano, Texas, and Capital Funding Consultants of Covington, Louisiana. »

CFTC adopts amendments to FCM and IB electronic filing regulations

CFTC adopts amendments to FCM and IB electronic filing regulations

Mon, 04/01/2010 - 06:00

The Commodity Futures Trading Commission (CFTC) has adopted amendments to its regulations regarding the electronic filing of financial reports and notices by futures commission merchants (FCMs) and introducing brokers (IBs) as well as certain other of its financial reporting requirements.  »

CFTC fines MF Global USD10m for supervision violations

CFTC fines MF Global USD10m for supervision violations

Sun, 20/12/2009 - 16:01

The US Commodity Futures Trading Commission has filed and settled charges against MF Global, a registered futures commission merchant, and its predecessor corporation Man Financial, relating to risk supervision failures in four separate instances between 2003 and 2008.  »

Court imposes USD6.75m fine in commodity options fraud action

Court imposes USD6.75m fine in commodity options fraud action

Thu, 17/12/2009 - 15:53

The US Commodity Futures Trading Commission has obtained more than USD6.75m in civil monetary penalties and equitable relief in a court order against American Derivatives, Brokerage Management, Layne D. Gerstel and Devereaux D. Booth, all of Atlanta, Georgia, and David N. Mittler of Aventura, Florida. »

Two indicted in Galleon insider trading case

Two indicted in Galleon insider trading case

Wed, 16/12/2009 - 15:08

New York residents Raj Rajaratnam and Danielle Chiesi have been charged with a 17-count indictment involving conspiracy and securities fraud crimes stemming from their alleged involvement in the largest hedge fund insider trading case in history. »

Aima criticises threshold for US Systemic Resolution Fund

Aima criticises threshold for US Systemic Resolution Fund

Thu, 03/12/2009 - 16:05

The Alternative Investment Management Association says the proposed asset threshold for firms required to contribute to the US Systemic Resolution Fund would impose disproportionately high costs on hedge fund managers. »

Oklahoma Chinese community targeted in commodity futures Ponzi scheme

Oklahoma Chinese community targeted in commodity futures Ponzi scheme

Fri, 27/11/2009 - 06:01

A federal court in Oklahoma City has entered a restraining order against defendants Kenneth W. Lee, Simon Yang, Prestige Ventures and Federated Management Group freezing assets controlled by the defendants, protecting records and appointing a temporary receiver to locate and marshal assets for return to defrauded customers. »

Robert J. Sucarato fined USD2m in CFTC hedge fund anti-fraud action

Robert J. Sucarato fined USD2m in CFTC hedge fund anti-fraud action

Thu, 26/11/2009 - 16:00

The US Commodity Futures Trading Commission has obtained a default judgment order requiring Robert J. Sucarato to pay USD800,000 in restitution and a USD1.2m civil monetary penalty for fraudulently soliciting commodity pool participants to trade futures and options through his hedge funds and for concealing trading losses. »

Court freezes assets of Minnesota residents in fraudulent forex scheme

Court freezes assets of Minnesota residents in fraudulent forex scheme

Thu, 26/11/2009 - 11:57

A court order has frozen assets held by Minnesota residents Trevor G. Cook and Patrick Kiley, and their companies Oxford Global Advisors, Oxford Global Partners, Universal Brokerage FX and Universal Brokerage FX Diversified, all charged with fraud and misappropriation in connection with off-exchange leveraged foreign currency trading. »

Court freezes assets of Louisiana firm in USD2m commodity pool fraud

Court freezes assets of Louisiana firm in USD2m commodity pool fraud

Thu, 26/11/2009 - 06:04

The US Commodity Futures Trading Commission has obtained a court order freezing the assets of William Charles Guidry of Jacksonville, Florida, Matthew Brian Pizzolato of Tickfaw, Louisiana, and Capital Funding Consultants of Covington, Louisiana. »

CFTC and SEC issue orders on volatility indexes and security futures

CFTC and SEC issue orders on volatility indexes and security futures

Mon, 23/11/2009 - 11:52

The Commodity Futures Trading Commission and the Securities and Exchange Commission have issued two joint orders related to security-based futures contracts that clarify each commission’s respective jurisdiction and allow additional products to underlie security futures. »

CFTC fines EMF Financial Products USD4m for making false statements

CFTC fines EMF Financial Products USD4m for making false statements

Mon, 16/11/2009 - 13:50

The US Commodity Futures Trading Commission has settled charges against EMF Financial Products, a CFTC registrant based in New York, for making false statements and failing to disclose material information concerning its market positions and financing to the Chicago Board of Trade. »

Michael Kourmolis banned from futures industry for fraudulent solicitation

Michael Kourmolis banned from futures industry for fraudulent solicitation

Sun, 15/11/2009 - 16:12

The US Commodity Futures Trading Commission has obtained a consent order against Michael Kourmolis of Brooklyn, New York, permanently prohibiting him from engaging in any activity related to trading any commodity interests, including soliciting funds, registering with the CFTC and trading on behalf of others or himself. »

Court freezes assets of Florida resident in commodity pool fraud action

Court freezes assets of Florida resident in commodity pool fraud action

Thu, 12/11/2009 - 06:06

A federal court has entered an order freezing assets held by defendant David A. Owen, of Destin, Florida following a Commodity Futures Trading Commission anti-fraud enforcement action filed on 30 October 2009. »

Canadian trio fined USD2.2m in commodity pool anti-fraud action

Canadian trio fined USD2.2m in commodity pool anti-fraud action

Wed, 11/11/2009 - 13:57

A federal court has entered default judgment orders against defendants Robin States and his wife Bernadette Bowden, both of Nova Scotia, Canada, and relief defendant Paul States, of British Columbia, Canada, in an action charging them with fraudulent solicitation and misappropriation in the operation of commodity pool known as Infinity Online Investors Group. »

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