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Hedge Fund

November 12, 2009
The federal jury that acquitted two Bear Stearns hedge-fund managers of securities fraud this week undermined the government's effort to find crimes in Wall Street's epic collapse. That's just half the story, though, and as far as investors are concerned, the less interesting half. Ralph Cioffi and Matthew Tannin, the men in charge of the two failed hedge funds, still face a lawsuit by the Securities and Exchange Commission. The SEC's filing demonstrates that agency's ability to pursue investment managers even when their funds are unregulated.
December 18, 2013 | By Tiffany Hsu
Wet Seal Inc., the Foothill Ranch teen apparel retailer, is in the crosshairs of its activist investor Clinton Group Inc. The New York hedge fund said in a regulatory filing Wednesday that it is “exploring financing alternatives” to allow itself or one of its affiliates to buy up Wet Seal's equity “in a 'going private' transaction.” Clinton also said in the filing that it had boosted its stake in the retailer to 8.1%. The hedge fund has targeted Wet Seal for more than a year, only abandoning its proxy fight with the company last fall when it replaced four Wet Seal board members with its own nominees.
May 16, 2009 | Nathan Olivarez-Giles
Beverly Hills hedge fund manager Bradley L. Ruderman surrendered to FBI agents Friday after being criminally charged in federal court in Los Angeles with bilking investors out of about $44 million in a wire fraud scheme. Ruderman's surrender came two weeks after a federal judge shut down his hedge funds, Ruderman Capital Partners and Ruderman Capital Partners A, in response to a civil suit filed by the Securities and Exchange Commission.
November 12, 2013 | By S. Irene Virbila
Jon Bonné's new book, “ The New California Wine: A guide to the producers and wines behind a revolution in taste ,” is a wonderful, engaging read with an actual narrative and a cast of characters who think outside the box, care about sustainability, and have a strong curiosity and work ethic.  I loved meeting vintners such as Ted Lemon ( Littorai Wines ), Steve Matthiasson ( Matthiasson Wines ), Abe Schoener ( the Scholium Project ) and Morgan Twain-Peterson ( Bedrock Wine Co. )
January 10, 2013 | Bloomberg News
Hedge fund Third Point took an 8.2% stake in Herbalife Ltd., becoming the latest firm to bet against hedge fund manager Bill Ackman, who has accused the direct seller of nutritional products of being a pyramid scheme. Third Point, which had about $10 billion under management and is run by financier Daniel Loeb, has purchased 8.9 million Herbalife shares, according to a filing with the Securities and Exchange Commission. Herbalife is fighting allegations made by Ackman, the founder of Pershing Square Capital Management, that it uses inflated pricing, misleading sales information and a complicated incentive structure to hide a pyramid scheme.
May 14, 2013 | By Andrew Tangel
Sony Corp.'s stock rallied about 9% in early trading after a New York hedge fund proposed that the company take its entertainment unit public. Sony shares added $1.64, or 8.7%, to stand at $20.53 shortly after the opening bell on Wall Street. Daniel Loeb, chief executive of the hedge fund Third Point, outlined his case in a letter dated Tuesday and hand-delivered to Kazuo Hirai, Sony's president and chief executive. QUIZ: How much do you know about the stock market? In the letter , Loeb proposed a public offering of 15%-20% of Sony's entertainment division.
January 22, 2009 | Walter Hamilton
Alternative investing these days seems to mean finding an alternative to once red-hot hedge funds. Institutional investors and well-heeled investors yanked a record $152 billion of their cash from hedge funds in the fourth quarter, and $155 billion for all of 2008, marking only the second year with net withdrawals since Hedge Fund Research began tracking the industry in 1990. Total industry assets shrank to $1.4 trillion by year-end, from the mid-2008 peak of $1.
April 30, 2009 | Nathan Olivarez-Giles
A pair of Beverly Hills hedge funds were shut down Wednesday by a federal judge based on claims that their operator scammed investors out of at least $38 million, using the cachet of famous names including Oracle Corp. Chief Executive Larry Ellison. The Securities and Exchange Commission alleged that Bradley L.
May 2, 2009 | Steven Mufson and Tomoeh Murakami Tse, Mufson and Tse write for the Washington Post.
President Obama's harsh attack on hedge funds he blamed for forcing Chrysler into bankruptcy this week sparked cries of protest from the secretive financial firms that hold about $1 billion of the automaker's debt. Hedge funds and investment managers were irate at Obama's description of them as "speculators" who were "refusing to sacrifice like everyone else" and who wanted "to hold out for the prospect of an unjustified taxpayer-funded bailout."
October 18, 2002 | Bloomberg News
The Securities and Exchange Commission is examining whether hedge fund managers are inflating the value of their portfolios to increase their own compensation, an SEC official said. The probe is focusing on new investment vehicles called "funds of hedge funds." About 20 banks and mutual fund companies have started registering these diversified investment vehicles in the last year or so.
November 8, 2013 | Times wire services
SAC Capital Advisors pleaded guilty to criminal fraud charges Friday, satisfying a deal with the government that requires the Connecticut hedge fund to pay a record $1.8 billion to settle charges that it allowed, if not encouraged, insider trading to occur for more than a decade. The plea came in U.S. District Court in New York four days after the government announced that the once-influential hedge fund owned by billionaire Steven A. Cohen had reached the deal that also required it to shut down its operations to outside investors.
September 17, 2013 | By Stuart Pfeifer
Shares of nutritional products maker Herbalife Ltd. hit a 52-week high Tuesday, putting billionaire hedge fund manager Bill Ackman deeper in the hole on his $1-billion bet that the stock will go to zero. Herbalife shares reached a one-year intra-day high of $73.91 and a closing high of $73.29 on speculation that the company may start aggressively repurchasing its shares. The Los Angeles company was one of the more volatile stocks on Wall Street after Ackman accused the company last December of operating a pyramid scheme and said he took a $1-billion short position in the stock, meaning he would profit from a price drop.
August 19, 2013 | By Andrew Tangel
NEW YORK -- A major Wall Street figure did something unusual in a settlement with the country's top securities regulator: admit he did something wrong. Philip Falcone, a billionaire who runs the hedge fund Harbinger Capital Partners, must admit wrongdoing in addition to paying an $18-million penalty to settle two June 2012 enforcement actions by the Securities and Exchange Commission. Falcone also agreed to be barred from the securities industry for at least five years. “Falcone and Harbinger engaged in serious misconduct that harmed investors, and their admissions leave no doubt that they violated the federal securities laws,” Andrew Ceresney, the SEC's co-director of enforcement, said in a statement.
August 14, 2013 | By David Ng
Steinway Musical Instruments -- the venerable maker of pianos and other classical-music instruments -- is celebrating its 160th anniversary this year and has given itself the gift of a new owner. The company has agreed to be acquired for approximately $512 million by the New York hedge fund Paulson & Co. The bid topped a $438-million offer in July from Kohlberg & Co, the New York private-equity outfit. Paulson has agreed to acquire Steinway for $40 per share -- its ticker symbol is "LVB" for Ludwig van Beethoven -- in a move that will take the company private.
August 3, 2013 | By Andrea Chang
The Boston Globe has been sold to Red Sox owner John Henry for $70 million in cash, a fraction of the $1.1 billion paid for it by the New York Times Co. in 1993. The low price underscores the continued troubles plaguing the newspaper publishing industry as advertisers spend less on print and readers turn to free online content. This is the first foray into newspapers for Henry, known as a soft-spoken, shy businessman who made his fortune through his hedge fund. Besides the Red Sox, his sports empire includes the New England Sports Network, Liverpool Soccer Club and Roush Fenway Racing, according to the Globe . "The Boston Globe's award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country,” Henry, 63, said in a statement.
July 25, 2013 | By Andrew Tangel
NEW YORK - Like nobody else, Steven A. Cohen conquered Wall Street. The boy from blue-collar Long Island built one of the era's most legendary investment firms, helping him amass a personal fortune of $9 billion. He lives a lavish life even by billionaire standards. His 35,000-square-foot Connecticut mansion has an ice skating rink with a Zamboni machine, and his other home in the Hamptons has an oceanfront view. Video: Indictment announced His vast art collection includes a $150-million Picasso.
September 27, 2007 | From Times Wire Services
The Securities and Exchange Commission is conducting more than 30 investigations into potential hedge fund manager misconduct in the Northeast alone, with more in other parts of the U.S., officials said Wednesday.
October 9, 2007 | From Times Wire Services
Goldman Sachs Group Inc. said Monday that a fund it oversees bought a 10% stake in Winton Capital Management, a London-based hedge fund manager with $10 billion of assets under management. The fund, which bought the stake in July, is a new private investment portfolio set up to buy stakes in hedge fund management firms.
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