Tuesday, August 16, 2005

Dazed Trader

When something is just too good to be true -- well, we know how that usually ends. "Today, the S.E.C., the Justice Department and a court-appointed receiver are still trying to unravel what happened. Investigators now say they believe that more than $200 million of investors' money has vanished, possibly making this one of the largest hedge fund frauds ever... While the funds' managers blinded investors with records showing supposedly dazzling returns, the money was actually being frittered away in bad trades or simply stolen, according to the court-appointed receiver...." http://www.nytimes.com/2005/08/14/business/yourmoney/14hedge.html?ei=5090&en=19e9496e8b14ade1&ex=1281672000&partner=rssuserland&emc=rss&pagewanted=print

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