Author Archives: the HedgeCo News Team
Embattled Chairman of Milwaukee-Based Investment Firm Prepared to Step Down
Oct. 31–Saying he was prepared to step down if necessary as chairman of the Menomonee Falls-based investment firm that bears his name, Richard S. Strong pledged Thursday to reimburse Strong fundsfor any financial losses that occurred as a result of […]
Mutual Funds Scandal Engulfs Top Execs
NEW YORK (AP) – The mutual funds scandal has taken on a new, potentially much more damaging dimension with accusations that fund managers and top executives engaged in their own improper trading atthe expense of other customers. The allegation that […]
Strong ready to step down if ‘necessary’
Strong ready to step down if ‘necessary’ He vows to repay any losses, if trading improper By KATHLEEN GALLAGHER [email protected], Journal Sentinel Friday, October 31, 2003 Saying he was prepared to step down if necessary as chairman of the Menomonee […]
Maximum Dynamics, Inc. Announces Berlin Stock Exchange Listing
COLORADO SPRINGS, CO — (MARKET WIRE) — 10/31/2003 — Maximum Dynamics, Inc. (OTC BB: MXDY), a back office administration and technology company that supports the financial community, announcedtoday that the Company’s listing application has met all admission requirements and has […]
Fund company accused of fraud as investigation widens
U.S. and Massachusetts regulators have filed civil lawsuits against Putnam Investments and two of its former fund managers, contending for the first time in a widening investigation of the mutualfund industry that a fund company and some of its executives […]
Menomonee, Wis., Mutual Fund Firm Exec Accused of Making Improper Trades
Oct. 30–The New York attorney general’s office plans to take action against Richard S. Strong on allegations that he profited from improper trades in and out of shares of his company’s mutual funds. A spokeswoman for New York Attorney General […]
Foreigners Turn Net Sellers of Japan Stocks Last Week
Tokyo, Oct. 30 (Jiji Press)–Foreign investors turned net sellers of Japanese stocks last week for the first time in four weeks, according to data released Thursday by the Tokyo Stock Exchange. Nonresidents’ net selling came to 89,543 million yen in […]
Wachovia Brokerage Chief Steps Down
Oct. 29–The chief of Wachovia Securities’ brokerage group stepped down yesterday, amid regulatory inquiries into his role in the market-timing scandal at Prudential Securities, which merged withWachovia in July. Michael J. Rice, 37, well known on Wall Street for running […]
Ex-Lipper Executive Strafaci Indicted
A former executive of Lipper Holdings was indicted Wednesday on charges that he caused the values of two hedge funds to be overstated by hundreds of millions of dollars. Edward Strafaci was accused of making the Lipper funds appear far […]
Growing Probe May Hurt Fund Firm Profits
NEW YORK (AP) – Many mutual fund firms are enjoying strong quarterly earnings, thanks to growing investor optimism and a rebounding economy. But a widening regulators’ probe into shady tradingpractices threatens to cut into fund firms’ profits. Massachusetts and federal […]
Guide To Municipal Elections ; Upper Saddle River
POLITICAL MAKEUP: MAYOR: Democrat COUNCIL: Six Republicans AT STAKE: Four-year mayoral term and two three-year council terms. THE CANDIDATES: MAYOR/REPUBLICAN Kenneth Gabbert, of Parker Place, business administrator, councilman since 1995, chairman of the Upper Saddle River Centennial Committee, member of […]
Bank of Bermuda makes HSBC Britain’s biggest business
HSBC yesterday spent $1.3bn (pounds 800m) buying Bank of Bermuda in a deal that boosts its presence in offshore banking for wealthy individuals. Continuing this week’s flurry of takeovers and mergers, HSBC will pay for the Bermuda bank in cash […]