NJ But Charged With Hedge Fund Fraud

Two New Jersey men were arrested Wednesday on charges of fraud victims of more than 3.5 million dollars in false hedge fund scam.

New Jersey U.S. Attorney Paul j. Fishman announced that George Sepero, 39, Glen Rock, N.J., and Anthony Provenzano, 29, in Garfield, NJ, were charged with wire fraud conspiracy.

Prosecutors in a complaint Sepero and Provenzano claimed to have operated several hedge funds with a secret computer programs to invest in foreign currencies and achieve returns more than 170 percent in the previous two years.

Prosecutors also argued that the two men spend money invested with them at advanced vehicles, luxury travel and five-figure bar tabs.

Fishman offered a mild rebuke to the victims of the alleged scheme that they should have been more vigilant when they invested with Sepero and Provenzano.

"Nobody asks to be merchants, but they look to invest should always be skeptical of the rate of return that extends so far beyond the norm," Fishman said.

The couple made his first appearance in Federal Court in Newark, NJ Wednesday afternoon. U.s. Magistrate Judge Michael Shipp was released both defendants on $ 250,000 bond each, and ordered that their travel is restricted and passports surrendered. If convicted, face Sepero and Provenzano 20 years in prison and a fine of $ 250,000.

Complaints against George Sepero and Carmelo Provenzano

Advent och eVestment alliansen gå med styrkor

Software provider of hedge fund management, Advent Software has entered into a strategic cooperation with investment data and analytics company eVestment Alliance.

Notice on Tuesday means that there is integration between Advent portfolio accounting and solutions, Advent portfolio Exchange ? (APX) and Axys ? and eVestment Alliance Exchange product.

Both sides see this as helping asset managers reduce the time and effort associated with completion of the consultancy and third-party databases with quarterly data.

Matt Crisp, principal and co-founder of eVestment, said, "this relationship has been formed as a direct response to client requests to simplify data update process and with Advent superior software, we're certain it will present tremendous advantages for clients of both organizations."

George McLaughlin, senior director at Advent, said, "Advent saw an opportunity to join forces with eVestment Alliance to help our clients streamline the process for updating third party databases."

Both companies are familiar to readers of this site eVestment Alliance is the parent company of Hedgefund.net while Genesis has been sponsor of Hedgefund.net twice a year Hedge Fund Administrator survey.

Advent and eVestment data integration solution is expected to be available in early 2012.

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