Hedge Fund Manager accused of embezzlement

Pennsylvania hedge fund manager was indicted by a grand jury for allegedly lying to investors and transferred hundreds of thousands of dollars to his personal account.

Federal prosecutors in Alabama last week accused Anthony Klatch and his partner, Timothy Sullivan misleading investors in his company, activity Capital Partners, which solicited more than 2.3 million USD from eight investors, half of them Alabama residents, reported JOB options.

Prosecutors asked to Klatch and Sullivan only invested 60% of the money they raised for the task at the end of 2009, and lost it all through bad investments. The other 40% was used to pay off "angry investors" or went against the Klatchs personal account.

Go to job options article here

Hedge Fund Manager agrees to Permanently ban

Former hedge fund manager Francisco Illarramendi might see another line of work when he agreed to a permanent ban from working in the security industry.

The Securities and Exchange Commission announced the agreement on Wednesday.

The ban stems from Illarramendis guilty plea in March to four counts of securities fraud and one count of conspiracy.

The SEC alleged that Illarramendi misappropriated $ 53 million in investor assets managed by his Connecticut hedge fund firm Michael Kenwood Capital Management (MK capital), including funds from retirement as Venezuelan State oil company PDVSA.

He was also the task of the unauthorized private equity-type investments with the embezzled money as sinking 23 million dollars to the NuScale power, a startup company nuclear power in Oregon, United States.

The US Government also seized as part of his case, 230 million dollars kept in an offshore account of his hedge fund, which is kept in an unnamed U.S. bank until the completion of his case.

Illarramendi, 42, faces 70 years in prison at his sentencing.

Related articles
Hedge fund returns $ 230 M to United States