hedge fund

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Hedge Fund Founder Sentenced for Massive Fraud

Bill Hwang gets 18 years

(Newser) - The founder of Archegos Capital Management, a hedge fund, was sentenced to 18 years in prison this week for securities and market manipulation fraud in a scheme that prosecutors said cost global investment banks billions of dollars. Bill Hwang, 60, was told the length of the prison term in Manhattan...

Hedge Fund Takes Tribune, Giving It $278M in Debt

Alden had said it had enough cash for the deal

(Newser) - Alden Global Capital closed its deal for Tribune on Monday. The hedge fund wasted little time installing new leadership and saddling the newspaper chain with $278 million in debt it took on for the acquisition, according to regulatory filings. Alden, which owns the MediaNews Group newspaper chain and is the...

'Bad Optics' for Trump: Big Backer in Showdown With IRS

Billionaire Robert Mercer's hedge fund fighting $7B in back taxes

(Newser) - Two key facts about billionaire Robert Mercer: He is, in the words of a recent New Yorker profile, the "reclusive hedge-fund tycoon behind the Trump presidency." Second, the IRS is going after his Renaissance Technologies fund for nearly $7 billion in back taxes. All of which sets up...

How Donald Trump Cost George Soros $1B

Soros made the wrong call on how stock market would respond after election

(Newser) - George Soros literally bet against Donald Trump after the election and lost. The Wall Street Journal reveals the hedge fund manager and Hillary Clinton supporter misread what the stock market was going to do after the election and said goodbye to almost $1 billion. Soros, who'd already been leery...

Hedge Fund Run by Chelsea Clinton's Husband Loses 90% of Value

He bet investors' money on the Greek economy and lost

(Newser) - Chelsea Clinton's husband, Marc Mezvinsky, runs a hedge fund focused on global politics and the world economy. Vanity Fair calls it a "cozy specialty for a man related to a former president and a former secretary of state who is currently the front-runner to take the Oval Office...

Activist Investor Wants to Scrub Entire Yahoo Board

Starboard says it's got 9 nominees to take over for floundering Internet company

(Newser) - Yahoo's entire board of directors should be swapped out, per an activist investor, and the AP reports that Starboard Value is going to nominate nine new board members Thursday, ratcheting up tensions between itself and the beleaguered Internet giant. The Wall Street Journal says it reviewed a letter from...

Cops: Son Shot Hedge-Fund Dad Over Allowance Cut

Thomas Gilbert Jr. allegedly tried to make death look like suicide

(Newser) - "Spoiled" barely covers it: Thomas Gilbert Jr., who allegedly shot his hedge-fund founder father dead on Sunday, did so because his father had threatened to cut his $400-per-week allowance by $100, police say. Thomas Gilbert Sr. had also discussed stopping paying his son's rent in a Manhattan building...

Son Arrested in Hedge Fund Founder's Shooting

Thomas Gilbert shot dead in Manhattan home

(Newser) - The son of a hedge fund founder was arrested last night, hours after 70-year-old Thomas Gilbert was shot dead in his Manhattan home. Thomas Gilbert Jr., who may have slipped past security at his father's luxury East Side apartment building before the shooting, was believed to have fled the...

BlackBerry Sells Itself for $4.7B

Fairfax Financial, the smartphone pioneer's largest shareholder, buys it

(Newser) - It looks like the days of BlackBerry being an independent company are over. Trading on shares of the company was halted today when the company made it known that it had a major announcement coming. The announcement: It had signed a letter of intent to be purchased by Fairfax Financial...

Hedge Fund Chief Dumps JCPenney for $490M Loss

Ackman backed policies that led to huge drop in sales

(Newser) - After buying a huge stake in JCPenney and backing a disastrous revamp that has left the chain floundering, Bill Ackman has decided he's done with the company. The Pershing Square hedge fund Ackman runs has announced its intention to unload its 18% stake in the company at a price...

SEC: Giving Up on Financial Crisis Prosecutions?

Commission passes on prosecuting major hedge fund

(Newser) - You might want to stop holding your breath waiting for the SEC to bring the hammer down on more financial crisis ne'er do wells, because the commission appears to be winding down crisis-related investigations. That's what the Wall Street Journal has concluded after getting word from sources that...

JPMorgan Loss Passes $3B
 JPMorgan Loss Passes $3B 
May 17, 2012 5:31 AM CDT

JPMorgan Loss Passes $3B

Bank bleeds a billion after rivals cash in on its bad bets

(Newser) - JPMorgan's $2 billion trading loss has become a $3 billion-and-counting loss with dizzying speed, insiders tell the New York Times . CEO Jamie Dimon predicted that the loss could double within a few quarters, but the extra billion in trading losses has come in just four trading days as hedge...

Galleon Founder Slapped With $92.8M Civil Penalty

Convicted insider trader hit with record SEC fine

(Newser) - Galleon Group hedge fund founder Raj Rajaratnam has broken another record. The former billionaire, who received the longest-ever prison sentence for insider trading last month, has been ordered to pay the largest-ever Securities and Exchange Commission civil penalty for insider trading, reports the New York Times . The $92.8 million...

Insider Trading Probe Nabs Ex-Goldman Sachs Director Rajat Gupta
 Ex-Goldman Exec 
 Charged With Fraud 
UPDATED
Oct 26, 2011 10:26 AM CDT

Ex-Goldman Exec Charged With Fraud

Rajat Gupta accused of leaking info to Galleon director

(Newser) - Former Goldman Sachs director Rajat Gupta surrendered to federal authorities today to face charges related to insider trading, the AP reports. Gupta appeared in Manhattan federal court and was charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. The longtime McKinsey & Company...

Soros Kicks Investors Out of His Hedge Fund

He'll manage exclusively family assets from now on

(Newser) - From now on, George Soros’ hedge fund is strictly a family affair. The billionaire has decided to oust all outside investors from the fund, in order to duck new federal regulations requiring hedge funds to register with the SEC, Bloomberg reports. From now on, the fund will manage Soros’ own...

JP Morgan Coughs Up $153M to Settle Fraud Case

Investors misled about shoddy securities

(Newser) - JP Morgan has paid $153.6 million to settle SEC charges that it misled investors as it scrambled to offload mortgage-backed securities before the 2007 collapse in the housing market, reports Reuters . " We are soooo pregnant with this deal," wrote an exec in a 2007 email, referring to...

Investor to Microsoft: Ditch 'Charlie Brown' Ballmer

David Einhorn calls for Steve Ballmer's head

(Newser) - Big-time hedge fund manager David Einhorn called for Steve Ballmer’s head yesterday, saying Microsoft suffered from “Charlie Brown management.” Einhorn’s Greenlight Capital has been snapping up Microsoft shares, which, he told the Ira Sohn Investment Conference, are at a “remarkable discount” because of Ballmer’s...

Billionaire Convicted in Huge Insider Trading Case

Raj Rajaratnum of Galleon Group guilty on all counts

(Newser) - A former Wall Street titan was convicted today of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on trades in technology and other stocks. Prosecutors called it the largest insider trading case ever involving hedge funds. Sri Lanka-born Raj Rajaratnam was convicted...

Insider Trading Probe Looks at Fund King's 'Big Book'

Steven Cohen fund made trades suggested by pair who have copped to insider trading

(Newser) - Federal prosecutors are looking into a massive hedge fund run by industry giant Steven Cohen as part of a sweeping insider trading investigation . They’re specifically looking at trades suggested by a pair of ex-employees of Cohen’s SAC Capital Advisors who have pleaded guilty to insider trading (in the...

Hedge-Fund Tycoons Ditch Obama for GOP

They feel betrayed by president's tough talk

(Newser) - Daniel Loeb used to be one of Barack Obama’s biggest supporters, but these days he’s raising huge piles of money for Republicans. Why? Well the president appears to have hurt his feelings, the Wall Street Journal observes. “I am sure, if we are really nice and stay...

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