Wed, Apr 26, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge fund Grifphon’s founder Yusaf Jawed pleads guilty to Ponzi scheme

Wednesday, April 17, 2013

From Komfie Manalo, Opalesque Asia – Portland, Oregon-based hedge fund manager Yusaf Jawed pleaded guilty to 17 counts of mail and wire fraud in a Ponzi scheme that spans several states including Oregon and Washington, according to media reports.

A report by the Seattle Times said that the 44-year-old ex-stockbroker is facing up to six and a half years imprisonment in his sentencing scheduled on June 21.

Assistant U.S. Attorney Allan Garten said that Jawed had accepted the court’s order for him to surrender the $6.4m in ill-gotten gains and pay back his investors.

But attorney Michael Esler, who is representing one of Jawed’s victims, said none of the investors are expecting to see the money.

Court records showed that Jawed ran the Ponzi scheme for more than 10 years. However, the crimes to which he pleaded guilty came from investors he took money from between February 2008 and September 2009.

In September 2012, the SEC filed fraud charges against Jawed, alleging that he had used false marketing materials that boasted double-digit returns to lure people to invest their money into several hedge funds that he managed through at least two companies he controlled: Grifphon Asset Management LLC and Grifphon Holdings LLC.

The SEC’s complaint further alleg......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Alternative asset firm YieldStreet surpasses $100m of loans funded in less than 8 quarters[more]

    Komfie Manalo, Opalesque Asia: Alternative asset investment platform YieldStreet reported that it has surpassed $100m in loans funded in less than eight quarters from accredited investors and single family offices. YieldStreet was founded by Milind Mehere and Michael Weisz. In a

  2. Investing - Investor appetite for high-growth IPOs to be tested, Apollo boosts fund's stock allowance for 'diamonds in the rough', Hedge funds uncertain over outlook for Hargreaves Lansdown[more]

    Investor appetite for high-growth IPOs to be tested From FT.com: The US listings market is poised for a busy week with deals that will test investors' appetite for high-growth - but lossmaking - companies. Eight new listings are scheduled for this week, the most since October of 2016,

  3. Hedge funds holding Puerto Rico bonds are looking at a long battle[more]

    Komfie Manalo, Opalesque Asia: Hedge funds which bought Puerto Rico's distressed debt bonds are facing the prospect of a long road ahead to recover their investments as the Caribbean island is attempting to use a U.S. Congress-approved rule that allows it to exploit a bankruptcy-like proceedings

  4. Other Voices: "Winner-take-all" dynamics and hedge fund investing[more]

    A growing stream of thinking in microeconomics is the concept of "winner-take-all" dynamics. The idea seems simple. A combination of networking economics and classic economies of scale creates situations where there are just a few dominant firms or economic agents who are able to capture significant

  5. Opalesque Exclusive: WBB enters buy-side with new healthcare long/short strategy[more]

    Benedicte Gravrand, Opalesque Geneva: WBB Securities, a US financial services firm and boutique investment bank since 2001, has a long history within the biotech industry. Managing partner Steve Brozak has been associated with biotech for the last 25-30 years, and was involved with some of the mo