The bad news for the hedge fund industry just keeps coming.
[Kirk] Wright is on the lam after federal officials charged him with fraud, claiming he sent statements saying that his funds, managed by Atlanta-based International Management Associates, had over $150 million invested when the accounts in question held only $150,000—about the only money the SEC has been able to find in the funds.
Hedge funds used to be a great place to invest if you had billions of dollars to manage, like a University. I hope that investment managers at these institutions were smart enough to get out of any dangerous hedge funds at the right time.
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12:24 pm (reply)
I like hedge funds in that they provide a lot of volatility to individual stocks and its easy to short their “pumps.”
6:30 pm (reply)
Investing in everything from owning whole corporations at one extreme, to day trading the stock market at the other—and just about everything else in between, with no supervision.
Too inviting a working climate for con men. As an investment vehicle for me, no thanks.
5:56 pm (reply)
Even retirement funds are being sucked into the black hole of fraudulent hedge funds, sometimes in cahoots with legitimate IRA custodial institutions. It’s a disgrace to the US financial system and probably explains why the rest of the world is hesitant to beleive or trust US financial markets.