Hedge Fund Files for Bankruptcy [WSJ] A hedge fund managed by the investment firm of Alphonse “Buddy” Fletcher Jr. has filed for bankruptcy protection in Manhattan, as the firm faces a mounting legal challenge. The Chapter 11 filing comes after a Cayman Islands judge in April appointed liquidators from Ernst & Young to wind up another fund run by New York-based Fletcher Asset Management.
California Man Busted for Running Fake Hedge Fund [eVestmentHFN] A California man who ran a $4.9 million Ponzi scheme will reportedly surrender and begin serving his two-year prison sentence by July 9. According to court documents obtained by California newspaper North County Times , John Clement created the fraudulent hedge fund Edgefund Capital in 2010, which attracted 22 investors.
Einhorn Finishes Third in Poker Tournament, With $4.35 Million [DealBook] It’s a return that would make any hedge fund manager envious. David Einhorn, the president of Greenlight Capital, won more than four times his money in a three-day tournament at the World Series of Poker in Las Vegas, finishing in third place with a $4.35 million reward. He plans to donate the winnings to a charitable organization.
NBA Player Pays Homage to Hedge Fund [ESPN] The players chosen during Thursday night’s NBA draft finally are going to join the ranks of the full-time working world — and, of course, earn very large paychecks. On draft night, some of the first-round picks reminisced about their more humble employment beginnings and the lessons those early jobs taught them. They also talked about what they might do with their newfound wealth as they prepared to get that Scrooge McDuck money.
John Thaler’s JAT Capital Is Getting Hammered This Year [BusinessInsider] John Thaler, the founder of tech-based long/short equity hedge fund JAT Capital, was one of the best performing hedge fund managers in the world last year ending a volatile 2011 up 12.7%.
Phil Falcone Plans To Blame Everything On His Lieutenants and Lawyers [BusinessInsider] The Wall Street Journal reports that Falcone’s planned defense against the SEC’s fraud allegations filed is to blame his lawyers and lieutenants, sources told the paper..