Executive Gets 20-Year Term for Hedge Fund Scheme
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The former chief financial officer of the hedge fund Bayou Group was sentenced to 20 years in prison for his role in a scheme that defrauded investors of $450 million and led to the fundâs collapse.
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In early June, as the Senate Finance Committee began examining how a new breed of Wall Street titan could be paying a special low tax rate on executives' salaries, one of the richest of them, hedge fund manager Steven A. Cohen of SAC Capital Advisors, cut the Democratic Senatorial Campaign Committee...
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The Securities and Exchange Commission passed rules Tuesday that will require most hedge fund advisers to register with the government within two years, firming up oversight on an industry that has been linked to several high-profile financial blowups.
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Former Brocade Communications Systems CEO Gregory Reyes has been sentenced to 21 months in prison and a $15 million fine for fraud related to backdating of the storage networking company&#39;s stock options.Reyes was convicted last August&#160;in the most prominent of many criminal and civil cases in the past two years related to backdating by high-tech companies. Apple, McAfee, Rambus, and scores of other vendors have faced either internal or external probes. Reyes&#39; conviction was the first by the U.S. Department of Justice in a backdating case. Reyes was found guilty on 10 charges including securities fraud, conspiracy and falsifying financial records. He could have faced as much as 20 years in prison.The sentencing order on Wednesday from Judge Charles Breyer of the U.S. District Court for the Northern District of California has been stayed pending an expected appeal, which has not yet been filed, according to the court.Backdating, which involves changing the date that stock options grants were made to certain employees so they can later get a bigger profit, is not illegal but has to be accounted for properly. Many high-tech companies used the practice during the Internet boom early in this decade to attract prized employees.In the wake of Brocade&#39;s backdating problems, the company restated its results from 1999 to 2004. The scandal also led to charges against Stephanie Jensen, former vice president of human resources, and Michael Byrd, the company&#39;s former CFO and COO.
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The Bloomberg administration announced today that it will sign a 20-year contract with one of the nation's largest recycling companies, a move that assures the city's broad recommitment to recycling.
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Henry H. McVey, Morgan Stanleyâs chief United States investment strategist, said that he was joining the hedge fund Fortress Investment Group.
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The fund manager, Mark Lenowitz, had worked as a stock picker for two hedge funds, Chelsey Capital and Q Capital Investment Partners.
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Before Google's 2004 IPO, the company's co-founders and CEO agreed to work together for 20 years.
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The PIMCO mutual fund group&#39;s adviser and two affiliates will pay more than $20 million to settle charges involving failure to disclose payments made to brokers for
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Record sums are pouring into hedge funds in spite of their weak performance, as many see managing a hedge fund as the most promising route to real riches.
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Former secretary sentenced to eight years over plot to sell secret formula.
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LOS ANGELES, Oct. 30  â The chief executive of Countrywide Financial, Angelo R. Mozilo, has been sued by a pension fund that accused the company of helping executives pocket improper gains by artificially inflating its stock price through share buybacks.
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A hedge fund manager who was among more than a dozen people accused of participating in an insider trading ring on Wall Street pleaded guilty on Tuesday to profiting from inside tips allegedly leaked by a former UBS Securities  executive.
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The Securities and Exchange  Commission on Thursday filed fraud charges against hedge fund  manager Robert Berlacher and the Lancaster group of hedge  funds, alleging they engaged in an illegal trading scheme  involving at least 10 unregistered securities offerings.
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The former chief executive of Brocade Communications Systems Inc. was sentenced on Wednesday to 21 months in prison for orchestrating a scheme to tamper with financial records of stock options the company offered.
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The chief executive of the world's biggest listed hedge fund is quitting to focus on private philanthropy.
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One of the Treasury Department's top officials dealing with hedge funds has agreed to forgo up to $1.5 million in severance payments from his former employer, which invests in hedge funds.