BROWSE BY TOPIC
Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
MA Fund Manager Made Ponzi Payments, Defrauded Investors - SEC
[Photo: Charles Ponzi]
Yasuna Murakami, a Massachusetts-based hedge fund manager, was charged by the SEC with making Ponzi-like payments and taking investor funds to pay for personal travel, meals, and credit card bills. Murakami's business partner, Avi Chiat, is also charged in the SEC complaint. In a parallel criminal action, the U.S. Attorney's Office charged Murakami with one count of wire fraud.
According to the SEC Compliant, … Murakami misappropriated more than $8 million for business and personal expenses and made approximately $1.3 million in Ponzi-like payments to earlier investors as purported investment gains. Chait helped Murakami raise money from investors. He also provided fabricated account statements that grossly overstated investment performance while investors were losing millions of dollars due to unprofitable trading and Murakami's misappropriation of funds.
Named as relief defendants in the SEC complaint were their Cambridge-based investment advisory businesses - MC2 Capital Management and MC2 Canada Capital Management.
The SEC seeks disgorgement of ill-gotten monetary gains plus interest, penalties, and permanent injunctions.