{"id":44427,"date":"2014-10-08T07:16:38","date_gmt":"2014-10-08T11:16:38","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=44427"},"modified":"2014-10-08T07:26:31","modified_gmt":"2014-10-08T11:26:31","slug":"hedge-fund-manager-charged-with-lying-to-investors-over-madoff-losses","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2014\/hedge-fund-manager-charged-with-lying-to-investors-over-madoff-losses.html","title":{"rendered":"Hedge Fund Manager Charged With Lying To Investors Over Madoff Losses"},"content":{"rendered":"

\"alg-madoff-leaves-court-jpg\"<\/a>New York (HedgeCo.Net) –\u00a0Former hedge fund manager Nikolai Battoo has been ordered to pay more than $358 million in a SEC lawsuit stemming from million in losses Battoo hid from investors.<\/p>\n

\u201cThis is an appropriate penalty because of the sheer enormity of the fraud, both in dollar figure and number of investors,\u201d Judge Edmond E. Chang wrote in a Sept. 30 order. \u201cThere must be a substantial penalty both to punish the Battoo defendants and to deter others from committing fraud on this scale.\u201d<\/p>\n

The funds were lost during the Madoff scandal in 2009.\u00a0Meanwhile, Battoo misappropriated about $49 million of client funds to pay for his \u201cflamboyant lifestyle,\u201d the SEC said.<\/p>\n

Battoo boasted remarkable investment success throughout the global financial crisis while allegedly exaggerating the value of the assets he manages and concealing major losses from investors. The SEC alleges that Nikolai Battoo claimed to manage $1.5 billion on behalf of investors around the world, including at least $100 million for U.S.-based investors.<\/p>\n

But contrary to Battoo\u2019s proclaimed track record of exceptional risk-adjusted returns for his investors, he actually suffered major losses in 2008 due to his investments in the Bernard Madoff Ponzi scheme and a failed derivative investment program. Rather than admit the losses to investors, Battoo has been overstating the value of his investments in a variety of ways.<\/p>\n

Alex Akesson
\nEditor for HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a> is a premier hedge fund database<\/a> and community for qualified and accredited investors only. Membership in HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.Net) –\u00a0Former hedge fund manager Nikolai Battoo has been ordered to pay more than $358 million in a SEC lawsuit stemming from million in losses Battoo hid from investors. \u201cThis is an appropriate penalty because of the sheer […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12,3],"tags":[],"class_list":["post-44427","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedge-fund-regulation","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/44427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=44427"}],"version-history":[{"count":7,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/44427\/revisions"}],"predecessor-version":[{"id":44437,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/44427\/revisions\/44437"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=44427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=44427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=44427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}