Author Archives: the HedgeCo News Team
Security Trust Co. to cease operation by March 31
Security Trust Co. will shut down — making it the first corporate casualty in the mutual fund trading scandal, a federal banking agency said Tuesday. The Office of the Comptroller of the Currency (OCC), which oversees national banks, said that […]
Federal Regulators Shut Down Phoenix-Based Security Trust in Trading Scandal
Nov. 26–Federal regulators yesterday carried out their first act of capital punishment as part of the widening mutual fund investigation, ordering the Security Trust Co. out of business. The tough action came as New York Attorney General Eliot Spitzer filed […]
Mahwah, N.J., Executive Surrenders in Fraud Case
Nov. 26–A Mahwah-based executive who boasted of business ties to a porn star surrendered Tuesday to FBI agents after being charged in a wide-ranging fraud investigation. Millennium Direct Inc.’s chief executive, George Balis, 56, was arraigned Tuesday in U.S. District […]
Regulators Say Boston-Based Growth Fund Taken for More than $1 Million
Nov. 26–Boston-based MFS Investment Management’s Emerging Growth fund was one of six mutual funds each taken for more than $1 million in an illegal late-trading scheme involving former topexecutives of Security Trust Co. and a New Jersey hedge fund, government […]
Federated Investors Provides Additional Information on Past Mutual Fund Trading Issues
<body.content> <block> <p>PITTSBURGH, Nov. 25 /PRNewswire-FirstCall/ — Today Federated Investors released the following letter from President and CEO J. ChristopherDonahue:</p> <p>On October 22, Federated Investors, Inc. <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NYSE” value=”FII”/></org> announced initial details regardingour internal review into mutual fund […]
Chronogen Inc. raises $17 million in Series B Financing Round
<body.content> <block> <p>MONTREAL, Nov. 26 /PRNewswire/ — Chronogen Inc., a drug discovery company developing therapeutics to treat highly prevalent age-dependent diseases, todayannounced an initial closing of $17 million (CAN) in an ongoing series B financing. This new round of financing […]
PFG Announces ‘CTA Challenge 2003’ Winners
<body.content> <block> <p>CHICAGO, Nov. 25 /PRNewswire/ — Peregrine Financial Group, Inc. (PFG), in cooperation with Trader Source, Inc. (TSI), today announced Villano Capital andArthur Aschauer as the winners of the “CTA Challenge 2003.” Trading firm Villano Capital receives a $1 […]
Bank of Bermuda to Open an Office in San Francisco
<body.content> <block> <p>NEW YORK, Nov. 25 /PRNewswire-FirstCall/ — Bank of Bermuda , today announces that its Global Fund Services division is expanding its global network ofoffices by opening an office in San Francisco. Global Fund Services (San Francisco) Limited, a […]
Spitzer files criminal charges in mutual fund investigation
ALBANY, New York (AP) — The first criminal charges in the mutual fund scandal were filed Tuesday by New York’s attorney general, accusing three former top executives at Security Trust Co. with“pervasive misconduct” in a late-trading scheme that cost investors […]
Ask Jeeves — CEO, CNNfn
xfdce CNNfn-MARKET-CALL-08 Show: MARKET CALL> Date: November 25, 2003> Time: 09:00:00> Tran: 112508cb.l05> Type: INTERVIEW> Head: Ask Jeeves — CEO, CNNfn> Sect: Business> Byline: Rhonda Schaffler, Douglas Lane> Guest: Steve Berkowitz> Spec: Business; Internet Services; ASKJ (Nasdaq); SIC: 7379> Time: […]
N.Y. Charges Three in Mutual Fund Probe
NEW YORK (AP) – Three former top executives at Security Trust Co. were charged Tuesday with acting as middlemen in an illegal trading scheme that cost investors $1 million, and authorities orderedthe company to shut down. Those charged with felonies […]
BlueCrest hedge fund pair in 105m deal with Man
TWO London dealers who quit JP Morgan three years ago to set up their own hedge fund business clinched a deal today which values their firm at 420 million, writes Patrick Hosking. Mike Platt and Bill Reeves have sold 25% […]