Spartan Fund Management launches Noble Bay Energy Fund (Opalesque)
Spartan Fund Management, an emerging hedge fund manager platform located in Toronto has announced the launch of a new fund – the Noble Bay Energy Fund, a multi strategy energy fund managed by Mark Ellis. Prior to founding Noble Bay, Mark was a founding partner of Rayne Capital, a Calgary based energy fund that returned over 63% in 4 ½ years to its investors. Spartan focuses on emerging hedge fund managers in the Canadian market and currently has 7 strategies operating on the platform. These managers typically come from backgrounds such as institutional money managers, or proprietary bank traders. Other strategies on the platform include long/short equity, special situations, quant, short-term directional and micro cap. Noble Bay is the newest addition – a multi-strategy, energy-focused fund.
Galleon’s Far Dodges Prison After Aiding FBI Probe (Law360)
Ali Far, a hedge fund manager who admitted to insider trading and then cooperated in an investigation against Galleon Group LLC, was sentenced Monday to one year’s probation. U.S. District Judge Robert P. Patterson Jr. also sentenced Far, 51, to 100 days of community service and ordered him to pay a $100,000 fine. Far, who worked with Galleon founder Raj Rajaratnam before leaving to found his own hedge fund, turned cooperator after being approached in 2009 by FBI agents then secretly investigating Wall Street insider trading….
Hedge Fund Manager and Newark Accountant Convicted in $40M Investment Fraud Conspiracy (LoanSafe)
On Friday, February 8, 2013, a federal jury in Charlotte convicted certified public accountant Jonathan D. Davey, 48, of Newark, Ohio, of four criminal charges relating to an investment fraud conspiracy, announced Anne M. Tompkins, U.S. Attorney for the Western District of North Carolina. The federal indictment, returned in February 2012, charged Davey with serving as the “administrator” for numerous hedge funds for the Black Diamond Ponzi Scheme; with soliciting over $11 million from victims with his own hedge fund, “Divine Circulation Services”; and with tax evasion. The charges arise from the Black Diamond investigation, which has brought criminal charges against 11 individuals and CommunityONE Bank, relating to conduct between October 2007 and April 2007 that deprived over 400 victims of more than $40 million.
Judge accelerates hedge fund’s lawsuit against Apple (CNET)
A federal judge has approved Apple Inc. (NASDAQ:AAPL)’s request to fast-track a lawsuit filed last week by hedge fund manager David Einhorn’s Greenlight Capital in an effort to get the electronics giant to share more of its massive cash reserves with investors. U.S. District Judge Richard J. Sullivan for the Southern District of New York granted Apple Inc. (NASDAQ:AAPL)’s request, moving forward the schedule for a hearing on a preliminary injunction sought by Greenlight Capital. Apple Inc. (NASDAQ:AAPL) had argued that the proposed meeting would have an effect on its shareholder meeting later this month. The modification request suggested that document filing dates be moved up by two to three days and that arguments be scheduled for as early as February 19, three days ahead of the previous February 22.
Citadel’s Equities Co-Chief Weller Said to Leave Hedge Fund (SFGate)
Steve Weller, co-head of Citadel LLC’s global equities group, left after more than a decade at the hedge fund run by Kenneth Griffin, according to two people familiar with the matter. Weller departed from the Chicago-based firm last week, said the people, who asked not to be identified because the information is private. Brandon Haley, 38, who ran the group with Weller, was picked as the unit’s sole head, Katie Spring, a spokeswoman for Citadel, confirmed by phone today. Investors were told about the management change on Feb. 6, she said.
Hedge Fund Kahn Brothers’ Stock Picks for 2013 Include Citigroup (InsiderMonkey)
Hedge funds and other major investors continue to file their 13Fs for the fourth quarter of 2012 this week, disclosing many of their long equity positions as of the end of December. We believe that there are multiple ways to take advantage of this information. One technique we use is to pool 13F filings in our database and use them to formulate investment strategies; the most popular small cap stocks among hedge funds as of the end of June 2012, as listed in our August newsletter, earned an excess return of 18 percentage points between September and January despite the significant delay from when these positions were actually held.
