Einhorn Stakes $1Million on A Poker Game For Charity & More Hedge Fund News of The Day 7/2/2012

by Staff Writer on July 2, 2012

David Einhorn, who runs Greenlight Capital, has staked $1 million on a charity tournament at the World Series of Poker in Las Vegas.Einhorn Stakes $1 Million on a Poker Game for Charity [DealBook] David Einhorn is making one of his most daring bets yet. The hedge fund manager has staked $1 million on a charity tournament at the World Series of Poker, which will award $18.3 million to the winner. Mr. Einhorn, who runs Greenlight Capital, is currently in 16th place, in a field of 36 professional and amateur players.

Hedge Fund-Backed Charity ‘Stocks Up’ for Good Cause [eVestmentHFN] While the general public may be pessimistic about the generosity of the hedge fund industry, eVestment|HFN has come across a philanthropic endeavor that suggests otherwise. Stacey Asher, founder of hedge fund consulting firm IMB Partners, held a launch party Thursday for her new charitable venture, Portfolios with Purpose, at Le Poisson Rouge in New York City.

Single Trial for Trio Accused in Dell Insider Trading Case [eVestmentHFN] A trio of insider traders will stand trial together in October. Reuters reported that the lawyers for hedge fund managers Todd Newman and Anthony Chiasson, and analyst Jon Horvath asked U.S. District Judge Richard Sullivan to be tried separately, however their requests were denied.

John Paulson Goes Back to Old Strategy [eVestmentHFN] John Paulson’s hedge fund strategy is coming full circle. The notoriously private hedge fund guru told Bloomberg Businessweek in a interview published this week that his New York-based hedge fund Paulson & Co. has “gone back to [the firm’s] traditional strategy, which is operating with smaller amounts of net exposure, and hedge funds in the portfolio.”

Speed Reading U.S. v. Peter Madoff And War And Peace [Forbes] Among the latest and more lurid developments on Wall Street was the guilty plea of Peter Madoff, 66, who began his industry career in 1965 at his brother Bernie’s Bernard L. Madoff Investment Securities LLC (“BLMIS”). Beginning in 1969, Peter Madoff became the Chief Compliance Officer (“CCO”) and Senior Managing Director of BLMIS, and in his role as CCO, he created false and misleading BLMIS compliance documents, as well as false reports that were filed with the Securities and Exchange Commission that materially misstated the nature and scope of BLMIS’s Investment Advisory business.

Peter Madoff Pleads Guilty But Says He Knew Nothing About A Ponzi Scheme [Forbes] Peter Madoff, the brother of convicted felon Bernard Madoff, pleaded guilty today to charges but says he knew nothing about the Ponzi scheme that defrauded investors of $20 billion. The former chief compliance officer of Bernard L. Madoff Investment Securities was in court in Manhattan today and pleaded guilty to one count of conspiracy to commit securities fraud and one count of falsifying records.

Indictment for Fake Hedge Fund Manager [United States Department of Justice] A Newark grand jury today indicted a man for allegedly draining an elderly woman’s annuity while operating another, multimillion-dollar investment fraud scam, U.S. Attorney Paul J. Fishman announced. George Sepero, 39, of Glen Rock, N.J., allegedly claimed to run New Jersey-based hedge funds using a secret computer program to invest in foreign currency – but instead defrauded victims out of more than $4 million and spent the investments on high-end vehicles, luxury travel, and five-figure bar tabs.

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