Fri, Aug 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

AlphaMetrix denies fraud charges

Monday, January 20, 2014

Komfie Manalo, Opalesque Asia:

Chicago-based investment fund administrator and commodity trading adviser AlphaMetrix Group has denied fraud charges brought against it by the Commodity Futures Trading Commission in a botched plan to pay $2.8m to customers in rebates.

AlphaMetrix told the court that the CFTC was responsible for preventing the firm "from effectuating its repayment of all of the rebates owed, the complete liquidation of the Funds at 100 percent of their value and the full repayment," reported Chicago Business.

In a lawsuit the CFTC filed in November against AlphaMetrix, the agency accused the firm of allegedly misappropriating $2.8m that should have been paid to its clients.

However, AlphaMetrix defended itself and said that CFTC lawsuit and its move to appoint a corporate monitor to oversee the dismantling of AlphaMetrix actually prevented them from returning some $600,000 to clients. It added that they already settled the $2.2m it owed to one client after it signed a promissory note in October that both sides have agreed on.

AlphaMetrix told a court in Chicago, "While AlphaMetrix was entitled to be paid (and in fact was paid) the fees subject to the side letters, AlphaMetrix agreed in certain side letters to rebate certain fees to the pool participant by reinvesting such fees back into the Funds at a later ......................

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. Commodities - Commodity hedge funds lose most in three years as rout deepens, Funds bet on Shell deal as oil prices plunge[more]

    Commodity hedge funds lose most in three years as rout deepens From Bloomberg.com: Hedge funds betting on commodities lost the most in almost three years in July as the price-rout deepened. Funds lost money for a third month, according to the Newedge Commodity Trading Index, which was re

  2. Investing - Hedge funds suddenly find real money is back in Argentina's debt, Elon Musk buys more SolarCity stock following hedge fund manager short, BlackRock plans to get into rental-home financing[more]

    Hedge funds suddenly find real money is back in Argentina's debt From Bloomberg.com: The real money is back in Argentina. Before the country’s default in July 2014 (its second in 13 years), most long-term investors abandoned its bond market. As they rushed out, Argentina became a favorit

  3. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  4. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  5. JTC acquires Kleinwort Benson’s fund administration business[more]

    Bailey McCann, Opalesque New York: JTC has completed the acquisition of Kleinwort Benson’s fund administration business, boosting assets under administration (AuA) to $56 billion. Kleinwort Benson is based in the Channel Islands, South Africa. The transaction, which relates to the whole of K

 

banner