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The US Commodity Futures Trading Commission has obtained more than USD4m in restitution and civil monetary penalties in an order entered by the US District Court for the Northern Division of Georgia against defendants Lake Dow Capital and Ty Edwards, both of McDonough, Georgia.
The CFTC’s complaint charged Lake Dow and Edwards with committing fraud in operating the Aurora Investment Fund, a commodity pool and hedge fund.
Specifically, the CFTC charged that the defendants fraudulently solicited more than USD26m from customers and misappropriated customer funds.
At the same time the complaint was filed, the court entered an order freezing more
Emerging markets such as those in Asia hold a lot of promise for hedge funds, an expert has claimed.
The Cayman Islands Court of Appeal has sent a clear message that winding up petitions should not be used to place undue and improper pressure on companies to accede to investor demands, according to a briefing by law firm Walkers.
The Court of Appeal struck out two winding up petitions presented against a solvent hedge fund and ordered that the investor which had petitioned should pay the fund’s costs on an indemnity basis.
Walkers says this case is important as the Court of Appeal has clarified the very limited circumstances in which a dissentient investor may properly invoke the class
Australian Fund Monitors’ two model equity portfolios posted disappointing results in February with concerns that January’s sell off would continue not coming to pass and the half yearly reporting season showing the importance of stock picking in the current market.
The E5 portfolio fell by 2.04 per cent in February, while the E10 portfolio fell 0.97 per cent.
The A5 Alternative Portfolio fared better, posting a marginally positive return of 0.09 per cent.
Since inception in October 2006, overall performance from all three multi manager portfolios continue to provide strong annualised returns with low downside and standard deviation.
RiskMetrics Group, a provider of risk management and corporate governance services, is to partner with Syncova, a margin management services provider, to deliver a solution for risk based margin management via the Optima platform for hedge funds and prime brokers.
Kaylash Patel, head of institutional business EMEA, RiskMetrics Group, says: “Leveraging RiskMetrics Web Services, Optima platform users will receive seamless delivery of integrated, intraday risk and margin analysis, which will enable them to generate interactive and customisable real-time reports across multiple asset classes.”
Liam Huxley, chief executive of Syncova, adds: “Prime brokers and hedge funds will both benefit from the
Microtune has reached an agreement with Ramius and its affiliates relating to the election of directors at Microtune’s 2010 annual meeting of stockholders, which will take place no later than 20 May 2010.
Under the settlement agreement, Microtune and Ramius have agreed upon a slate of nominees, including Drew Peck, a semiconductor analyst and consultant; Robert Rast, a principal at Tsar Digital; and Raghu Rau, formerly a senior vice president at Motorola, to stand for election as new independent directors on the Microtune board.
Two current Microtune directors, Walter S. Ciciora and William P. Tai, who have served as directors
The Australian Securities and Investments Commission has cancelled the Australian financial services licence held by Teys Property Funds Limited which is under external administration.
Teys, now known as TPFL, is the responsible entity of 11 property and mortgage funds.
ASIC’s decision to cancel the licence was taken after discussions with the external administrators of Teys to ensure the timing of the cancellation would not adversely impact investors in the managed investment scheme operated by Teys.
Teys went into external administration on 5 March 2010. Adam Shepard of Setter Shepard was appointed as administrator on 5 March 2010. Under the Corporations
The US Commodity Futures Trading Commission has obtained USD260,000 in civil monetary penalties and equitable relief in separate federal judgment orders against Steven Leigh Shakespeare and his company Guardian Futures, a Texas introducing broker.
The orders of permanent injunction, entered by Judge Sam Sparks of the US District Court for the Western District of Texas, resolve a CFTC enforcement action filed in April 2009 which charged Shakespeare and Guardian Futures with fraud and unauthorised trading of customer accounts.
The orders find that, beginning on or about 20 November 2007, and continuing to at least 18 January 2008, Shakespeare and Guardian
Hedgebay Trading’s February index has revealed the first trade above NAV on the hedge fund secondary market in almost two years.
The premium trade, which took place at 102 per cent of the hedge fund share’s value, is the clearest indication yet that high quality hedge fund assets are once again becoming must-have commodities among investors, says Hedgebay.
The Hedgebay Secondary Market Index has also shown that the average trade price rose in February to 91.4 per cent, a level more commonly seen before the financial crisis struck.
This is the second consecutive month that the average price has risen,
NYSE Liffe’s FTSE 100 Dividend Index futures contract has traded its millionth contract.
The contract, which was launched in May last year, is available both through Liffe Connect and Bclear, the exchange’s trade administration and clearing service.
NYSE Liffe launched a similar contract based on the CAC 40 dividend index late last year.
Both indices represent the cumulative value of ordinary cash dividends declared by the individual constituents each index over a one-year period, calculated in terms of index points.
Jonathan Seymour, director of equity derivatives and OTC services at NYSE Liffe, says: “Predicting companies’ dividends became harder from the
