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The US Commodity Futures Trading Commission has filed an emergency court action to freeze assets under the control of Nikolai S Battoo, BC Capital Group, BC Capital Group International, BC Capital Management and BC Capital Group Holdings.
The action also seeks an order appointing a receiver for the BC Common Enterprise and related entities, prohibiting the defendants from destroying books and records, and granting the CFTC immediate access to evidence.
The CFTC’s complaint alleges that defendants operated a series of commodity pools called “Private International Wealth Management” (PIWM) that solicited more than USD140m from US residents. The complaint also
New York-based investment advisory firm ICP Asset Management and its founder and president Thomas C. Priore have agreed to settle the Securities and Exchange Commission’s charges that they defrauded several collateralised debt obligations (CDOs) they managed.
ICP, Priore, and related entities have agreed to pay more than USD23m to settle the case the SEC filed against them in June 2010 in federal court in Manhattan.
The SEC alleged they engaged in fraudulent practices and misrepresentations that caused the CDOs to overpay for securities and lose millions of dollars. Priore and the ICP companies also improperly obtained fees and undisclosed profits
MarketAxess, the operator of an electronic trading platform for US and European high-grade corporate bonds, emerging markets bonds and other fixed income securities, is to hold its ninth annual Charity Trading Day on 12 September 2012.
MarketAxess, in partnership with EMTA, will donate all emerging markets transaction revenues from the trading day to emerging markets charities.
“We are pleased to announce our Charity Trading Day for the ninth consecutive year. This event is one of the ways we support the emerging markets community, and we thank our dealer and investor clients for their business. With the opening of our new
Guernsey has signed Tax Information Exchange Agreements (TIEAs) with Italy and Latvia.
The bilateral agreements were signed on 6 September and they mean that Guernsey has now signed a total of 37 TIEAs.
Guernsey’s chief minister, deputy Peter Harwood (pictured), says: “Our relationships with the Member States of the European Union are of paramount importance in helping Guernsey protect and promote its interests. Each TIEA that we sign with EU members is a further indication of Guernsey’s constructive relationship with EU Member States, and of those Member States’ endorsement of Guernsey’s commitment to tax transparency.”
Harwood signed both TIEAs on
The US Commodity Futures Trading Commission has obtained a federal court order requiring Blue Sky Capital Management and its principal, Gregory M Schneider, jointly and severally to pay a USD140,000 civil monetary penalty for making false statements to representatives of the National Futures Association (NFA).
Schneider currently resides in Bellville, Ohio, and Blue Sky maintained a business address in Lebanon, Tennessee.
The consent order of permanent injunction, entered on 28 August 2012 by Judge John T Nixon of the US District Court for the Middle District of Tennessee, stems from a CFTC complaint filed on 8 August 2011. The complaint
Alternative strategies within a Ucits framework witnessed further improvements in demand in the second quarter of 2012, according to the first in a series of quarterly reviews of the Ucits sector by Alceda Fund Management.
Tracking the Absolute Hedge Global Ucits Index, the Alceda review has found that the alternative Ucits sector grew to 292 funds in the second quarter of this year, from 282 in the first quarter, managing total assets of EUR82.5bn.
Against a challenging economic backdrop, Ucits funds declined 2.14 per cent for the quarter, reducing year to date gains to 0.47 per cent. The effects of
By James Tinworth (pictured), partner in the hedge funds practice, Stephenson Harwood – Whilst there are many challenges posed by the EU’s directive on alternative investment fund managers (AIFMD), the ones that everyone seems to focus on are those regarding the AIFMD’s depositary requirements. This note looks at these requirements in more detail and considers the extent to which they are relevant to EU managers of non-EU AIFs and non-EU managers of AIFs.
1. EU managers of EU AIFs (from July 2013)
For each EU AIF it manages, the AIFM shall ensure that a single depositary is appointed in accordance
WTP Advisors’ Capital Markets division will separate from the company and become a standalone business effective immediately. The new business will be named Avalon Lake Partners and is relocating its headquarters to New York City.
Led by industry veterans Lou Sala, Jay Goldstein, and Ilicia Silverman, Avalon Lake will move away from tax advisory work and focus completely on providing a broad set of advisory services to the alternative asset management industry, namely hedge funds, private equity and family offices.
“The time has come for a firm to step up and become the preeminent provider of business support to
Alternative UCITS enjoyed further improvements in demand in Q2 2012, according to the first in a series of quarterly reviews of the UCITS sector produced by independent structuring specialis
Cheyne Capital Management (UK) has appointed Arron Taggart to its real estate debt team.
Taggart is joining Cheyne as loan originator in the real estate debt team, which is headed by Shamez Alibhai and Ravi Stickney.
Shamez Alibhai (pictured), partner at Cheyne Capital, says: “Arron’s significant experience across the real estate sector will help us to develop our loan origination strategy in the UK and Northern Europe. He will be a great asset to the team as we continue to develop our real estate debt activities and take advantage of the investment opportunity arising from the dislocation in the
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