By Danny Fenster
ticklethewire.com
Hard to believe there is corruption in the hedge fund industry, aye?
An FBI sting has resulted in charges against 11 people with ties to hedge fund companies, plus two “finders,” the finance website FINalternatives.com.
An FBI agent posed as a representative of a major hedge fund, operating from an office in suburban Boston the bureau set up. The agent offered a $5 million investments to mircocap companies, publicly traded companies which tend to have more risk and volatility, in exchange for a 50 percent kickback.
The SEC suspended trading for the companies involved, which include Augrid Global Holdings, Comcan International, First Global Financial Corp., MicroHoldings US, Outfront Companies, Symbollon Pharmaceuticals and ZipGlobal Holdings.
To read more click here.
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