The One With The Options Pricing Theft

Some financial fraud is easy to spot. Some is hard to spot. Some I barely understand. Kevin Amell was very clever in hiding his alleged fraud and I’m not sure I understand exactly how he pulled it off. Mr. Amell was a fund manager at Eaton Vance for its Risk-Managed Diversified Equity Income Fund. The […]

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I'm just a bill from Schoolhouse Rock

Financial Choice Act 2.0 for Private Fund Managers

The Republican agenda is moving ahead to unwind much of the Obama Administration’s legislative and regulatory achievements. The first attempt to repeal the Affordable Care Act failed. Next up is raising the debt ceiling, tax reform and Dodd-Frank appeal. (I question how much Congress can take on at one time.) Jeb Hensarling, Chairman of the House […]

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Weekend Reading: Evicted

Matthew Desmond took a deep dive into poverty and housing. He published the story of what he saw in Evicted: Poverty and Profit in the American City. The book follows several people in deep poverty living and being evicted from terrible housing in Milwaukee. Mr. Desmond lived among them in 2008 and 2009. He split his […]

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Happy Patriots’ Day

And the shot heard ’round the world Was the start of the Revolution. The Minute Men were ready, on the move. Take your powder, and take your gun. Report to General Washington. – Schoolhouse Rock! Patriots’ Day is a celebration of the anniversary of the Battles of Lexington and Concord, the first battles of the Revolutionary […]

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Broker concept.

Broker Dealer Private Fund

It was four years ago that David Blass mentioned that the SEC was taking a closer look at broker-dealer requirements for private fund managers in two contexts: selling interests in the funds and earning fees from the fund for capital transactions. Part of the problem is that the safe-harbors for selling your fund interests is […]

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Slapping Down Investment Research Website

The Securities and Exchange Commission took the “extreme step” of warning consumers that articles on the internet may not be objective and independent. They sent up a warning signal to deceptive promoters by announcing enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes that left investors with the impression they were reading independent, […]

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The Overbooking Failure

Air travel has gotten has gotten less pleasant over the years. The TSA makes it unpleasant to get to the plane. Then the plane themselves have reduced passenger room. United took the unpleasantness to an even lower level when it forcibly removed a passenger from an overbooked flight. “Flight 3411 from Chicago to Louisville was […]

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Bells and Walls

Compliance Bricks and Mortar for April 7

These are some of the compliance-related stories that recently caught my attention. You Need to Know This: YTD Securities Class Action Lawsuit Filings are Off the Charts by Kevin LaCroix in the D&O Diary Securities class action lawsuit filings have been going crazy. Securities suit filings during the first quarter 2017 set a pace that […]

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The One About The Defrauding Pastor

When you run across someone trying to get you to invest risk-free with a high annual return, you know you have run into a fraudster. Unless god is on the side of the investment, there is no such thing as a high-rate, risk-free return. Apparently, Larry Holley, the pastor of Abundant Life Ministries in Flint, Mich., […]

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No BitCoin ETF

I’ve said before that BitCoin is the Dutch Tulips of investments. The blockchain approach to recordkeeping is an interesting use of decentralized computed power for recordkeeping, but BitCoin units are less interesting. The main users are less than scrupulous users looking for ways to avoid things like anti-money laundering rules. Many bankers/traders see BitCoin as a way […]

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