Zero Hedge is onto a bit of bother over at Chez Simons. To wit:
Zero Hedge decided to investigate just what may have been so out of place in RenTec’s SEC Form ADV that it needed to amend it. To our amazement, we stumbled upon this very curious disclosure in RenTec’s Section 11.E, where to a question of:
Has any self-regulatory organization or commodities exchange ever: found you or any advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a “minor rule violation” under a plan approved by the SEC)?
The answer is an emphatic Yes radio button.
Oh boy. That’s going to leave a mark.
Earlier: Live-Blogging The Renaissance RIEF Call
Dear Renaissance Investor
Is There More Than Meets The Eye At RenTec? [Zero Hedge]
Smoking is bad for you.
Accept Jesus into your life.
Mario VanPeoples
No comment.
“[My pedigree in] Mathematics, [your lack of] Common Sense, and Good Luck [figuring out my scam]“.
Plot Medallion and Fairfield Greenwich returns on the same chart; tell me which is the fake.
Here is some math: RIEF = true returns; Medallion = bogus returns.
Comment
why is the small-headed dark son of grant hill on cnbc every day?
Who is Elizabeth Spring?
@3
If they’re running a scam its more likely they just “selectively book” trades in each fund, but that’s a big “if”
btw anyone know who Rentech’s auditors are?
Are analysts allowed to take bovine growth hormones?
Porter Stansberry
6 That’s the name Bess used to scam her way onto the investor’s call.
@6- the name bess used after they found out she was on the call.
Does Medallion use Chern-Simons theory (for those with string theory background)….
@9,10: who is John Galt?
Someone on Zerohedge commented:
“JJ 39 minutes ago
Could Simons be the next Madoff?…”
Maybe he’s what Madoff was supposed to be, hi frequencying those RIEF orders like the Mad market makers were supposed to be doing. Nova a big trader with Instinet? Now why was that?
@12 FTW
-6
My comments are always awesome.
awesome commenter
I hate to embarrass myself in front of the community (since you all know me as “guest”), but I’ve gotta ask:
What did I miss in background on the recent spate of Porter Stankberry jokes? I mean, he’s a joke, and always has been, but I’m thinking there’s some deeper connection to the current outbreak, and inquiring minds want to know WTF.
Haha, @16, Porker Stankberry. Thats funny. I have no idea who he is, but that is a funny name.
commenter
Lovey, fetch my money belt. I’m off to empty our account with that Hasidic fellow Simons.
- Basil Smallpiece
what-what-what!!?
and btw, much respect to Mr. Frey who started out at a community college and landed at Rentec. But here’s some resume. If you have a PhD AND teach, please don’t put your GPAs on your C.V. It’s really poor taste.
Yeah, ZeroHedge dug up the fact that they paid a $20k fine for a paperwork violation in 2002. Way to go guy! You really nailed Simons to the wall. It’s gotta be a ponzi!
@20- that’s completely his (ZH) MO.
Is the defender of said people starting to tire in the slightest? it is better to be a good person for your strength is true
In light of the fact there are four million regulations to be waded through by broker dealers every day and regulators have to justify their existence by questioning every single bathroom break, it is absolutely impossible to get through the week without being in technical violation of some idiotic and arbitrary regulation or other without ever realizing.
The difference between “minor” and “major” rules is pretty arbitrary too. Find me anyone who has been in business longer than five days who hasn’t accidentally violated some rule.
looks like cnbc is about to run a segment about this.
@24- no, they’re about to run a segment about this:
http://dealbreaker.com/2009/05/live-blogging-the-renaissance.php
http://dealbreaker.com/2009/05/dear-renaissance-investor.php
two days late, as usual.
takes them two days to put the story together after they read it here.
@19- Agree with you on the props to Frey part. He’s a genuinely decent guy, and despite the money he’s made, never forgot his roots.
@27- and the same can apparently be said for the wsj.
29 Actually the wsj had a article today in the weekend real estate section on Lewis reducing the price of his weekend home. Surprised it hasn’t been picked up here.
@30- i’m talking about the renaissance story they ran today, genius.
mc to the c on cnbc– “what’s the big deal? if investors don’t like the return, they can pull their money out….”
yeah, that’s what i said about madoff investors too. what’s the big deal?
This whole thing is silly. Renaissance says they updated their ADV II. So, Zerohedge posts a pic of the publicly available ADV I radio button that has been “yes” for quite some time (note: not updated) and makes an issue of it. I mean, Renaissance may totally suck, but c’mon. This is not journalism.
If I lose money in a fraudulent investment, should I take the money out (if there’s anything left) and forget that it happened?
That’s a question that mc to the c can’t answer.
@34
What are you talking about, Madoff or Rief? Just because Rief lost money does not make it fraudulent. You obviously are not an investor, but if you were since the beginning, you are down less than 10%, and are still ahead of the S&P.
fwiw per Zerohedge, PWC audits Rentech, domiciled in Malta and bermuda, SELF-ADMINISTERED, jpm/db prime brokers