Tue, Jan 16, 2018
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. U.S. economy, inflation and alternative investments to dominate 2018 markets, says family office Wilmington Trust[more]

    Komfie Manalo, Opalesque Asia: The emergence of a late-cycle economy in the U.S., the mystery of inflation and growth from a domestic and global perspective, and the potential for alternative investments to prosper against a backdrop of rich valuations, low yields, and higher volatility are the t

  2. Performance - Some hedge funds deliver double-digit gains for 2017, Brevan Howard's hedge fund suffers biggest annual loss in 2017, Crispin Odey's flagship hedge fund plummeted about 20% in 2017, Profits fall 90% at ex-Morgan Stanley banker's hedge fund, Fannie-Freddie overhaul might mint hedge fund riches, losses[more]

    Some hedge funds deliver double-digit gains for 2017 From Reuters/Investing.com: A handful of hedge funds ended 2017 with double digit returns, their investors said, at a time the $3 trillion industry took in fresh money and posted its best returns in years, industry data show. Act

  3. Investing - Hedge funds start 2018 with record $19 billion bet on the euro, Hedge fund Kora Management invests in Satin Creditcare[more]

    Hedge funds start 2018 with record $19 billion bet on the euro From Reuters.com: Hedge funds have kicked off 2018 with their biggest bet ever on the euro rising, a clear vote of confidence in the single currency but, with positioning so stretched, one which could backfire in the near ter

  4. News Briefs - Mobius to retire from Franklin Templeton, Authorities decrypt smart phone of Princeton grad charged with killing Manhattan hedge fund dad, Investigators seize (more) antiques from hedge-fund billionaire Michael Steinhardt's collection[more]

    Mobius to retire from Franklin Templeton Emerging markets pioneer Mark Mobius will be stepping down as executive chairman of the Templeton Emerging Markets Group (TEMG) and formally retire from Franklin Templeton on 31 January. He will also be relinquishing his post as portfolio manager

  5. Comment - Seeding arrangements: Structure, approach, and the current market[more]

    From international law firm K&L Gates: Private fund growth has exploded over the last several years. While some areas are hotter than others, overall the industry has seen substantial growth. Existing managers have been able to launch larger funds and new managers have been able to successfully ente