We have yet another hedge fund manager convicted of improperly administering investments.
A mid-west fund manager named Mark Lay has been convicted of investment advisory fraud and other related fraud charges and sentenced to 12 years in prison. The charges against Mr. Lay were the result of an investigation into losses suffered by the Ohio Bureau of Workers compensation. The core complaint brought against Mark Lay by the Ohio Bureau is that since 2004 the hedge fund manager failed to disclose the level of risk that its sole investor was engaged in thus exposing the institution to harm without its knowledge and consent. Read more at: www.cleveland.com/crime/plaindealer/index.ssf?/base/iscri/1215592214198170.xml&coll=2
Cascade Funds, a fund of funds based in Colorado is suing Absolute Capital Management Holdings and that company’s former CEO Florian Homm. At issue is the allegation that Homm steered funds to a Beverly Hills penny stock brokerage named Hunter World Markets, a brokerage in which Homm owns 50%. Homm is currently not available for comment. In fact nobody knows where Florian Homm is but maybe a 6′ 8″ frame will prove to be a disadvantage in trying to remain inconspicuous. At least he didn’t leave any song lyrics on a dusty vehicle. More info at these links
http://www.finalternatives.com/node/3215
http://www.finalternatives.com/node/4810
A client recently provided a CRD number and said that she was able to obtain a FINRA record on an individual. Yet our researcher was unable to obtain one. We searched the online Brokercheck, then contacted FINRA directly, then contacted the local regulatory agency at the state level. All of which stated that there was no person by that name or with that CRD number registered.
I discussed with the client and she said that she might have special persmission because her company is considering the person as a registered rep. Might give her more authority than a background checking firm can do?
National Student Clearinghouse to Acquire Degree and Enrollment Verification Services from Credentials Inc.
HERNDON, VA, May 30, 2008 - The National Student Clearinghouse and Credentials Inc. today jointly announced the acquisition of Credentials’ online degree and enrollment verification services by the Clearinghouse. Credentials, Inc., located in Northfield, Illinois, provides educational verification to employers and others on behalf of colleges via its Web-based services, DegreeChk and EnrollChk. The Clearinghouse, a non-profit organization located in Herndon, Virginia, will work with institutions that participate in these services to transition them to its online verification services, DegreeVerify and EnrollmentVerify. Terms of the transaction, which is effective May 31, 2008, were not disclosed.
For the entire story: https://www.studentclearinghouse.org/about/news/release_2008-05-30.htm