BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Regulatory Sanctions
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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
Ex-Visium Hedge Fund Manager Going to Trial for Over-Valuing Bond Fund
Stefan Lumiere, a former portfolio manager at Visium Asset Management and the former brother-in-law of Visium founder Jacob Gottlieb, is set to begin trial on Wednesday on charges he engaged in a scheme to falsely inflate the value of securities in a bond fund. A criminal investigation into the alleged scheme ultimately led to last year’s closure of the NY-based hedge fund – and charges against 3 others, including Sanjay Valvani, a Visium portfolio manager who committed suicide in June after being accused of insider trading.
According to court papers, Lumiere, 46, served as the portfolio manager for a fund called Visium Credit Opportunities Fund from May 2009 to April 2013. From 2011 to 2013, Lumiere and others, allegedly schemed to defraud investors by mismarking the value of securities held by the fund, which invested in debt issued by healthcare companies. Prosecutors said the practices caused the fund's net asset value to be overstated by tens of millions of dollars each month and deceived investors into believing the bonds were relatively liquid, when they were not.
Lumiere, who was arrested in June, has pleaded not guilty to conspiracy, securities fraud and wire fraud charges.