Matthew Goldstein and Svea Herbst-Bayliss report that Boston-based Loch Capital Management has been “hit hard” by redemptions since the friend, Steven Fortuna, of founders (and bros) Timothy and Todd McSweeney pleaded guilty to insider trading, and agreed to cooperate with the government re: perhaps ratting out cohorts. It doesn’t appear that Fortuna and the McSweeneys have ever worked together but the trio go way back (born, raised, continue to live in Massachusetts, all played basketball together, and get their drink on every now and then) so obviously The Tuna could potentially have dirt. Though some investors told the reporters the reason behind the redemptions is the relationship between the the admitted criminal and their managers, Reuters notes that the requests “may be nothing more than an overreaction based on speculation” or simply “an indication of just how nervous hedge fund investors remain a year after the Bernard Madoff scandal left a lot of investors looking foolish.” Neither brother (nor any of their employees) has been charged with any wrongdoing, but they are telling anyone looking to poke around to piss off, ASAP:
Loch Capital Management and the firm’s Boston-based lawyer, Leonard Pierce, did not respond to a number of telephone calls and email messages requesting information about the redemptions and the brothers’ friendship with Fortuna.
A security guard at Loch’s offices in the city’s financial district said he had been instructed to turn away any reporter.
He even had photographs of the two authors of this story at his kiosk with instructions not to let them enter under any circumstances.
Does this mean they have something to hide? Maybe, maybe not. Who knows? It’s all relative. Goldstein may simply be on a no-fly zone at hedge funds up and down the Eastern Seaboard, insider traders or not, given that he most recently brought Ping Jiang’s blow job rules to light, and some of you have something similar going down on-site you’d rather outsiders not know about just yet.
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
The Tuna is my nickname…cause…you know.
-andrea tong
timmy and toddy are going down
steve fortuna is not a friend a mine.
-cg
that pussy fortuna never played basketball…he couldn’t throw the ball in the ocean from the pier
@4 tell us more
that piece of crap does not have an athletic bone in his body… which will be ravaged in federal prison soon
@6 who is “that” piece of crap in this scenario? tuna?
Loch is a bucket shop anyway, who cares.
Fortuna…scum…sold out his partner and anyone else he could to save his ass…he is the king of false accusations…
The McSweeney brothers graduated ca 2 years ahead of me from Clark University. They were pretty good looking, drove a convertible, were friendly enough and literally dumb as rocks.
I did not know them well at all but knew them well enough to be completely stunned when I heard they were managing a supposedly successful HF in Boston. As if two jocks at a DIII second rate school like Clark could run HF money and without earning a top MBA? yeah, right! even if the money was inherited, they would not have a clue. Neither of them ever worked on the steet, the two morons just started a fund out of nowhere…I guess this explains things. anyone who knows them and knows them business knows something was very fishy!
The McSweeney brothers graduated ca 2 years ahead of me from Clark University. They were pretty good looking, drove a convertible, were friendly enough and literally dumb as rocks.
I did not know them well at all but knew them well enough to be completely stunned when I heard they were managing a supposedly successful HF in Boston. As if two jocks at a DIII second rate school like Clark could run HF money and without earning a top MBA? yeah, right! even if the money was inherited, they would not have a clue. Neither of them ever worked on the steet, the two morons just started a fund out of nowhere…I guess this explains things. anyone who knows them and knows them business knows something was very fishy!
oh, but I forgot to mention the twins apparent “MBA” degrees from commuter / loser school Northeastern “University”…whoever conducted the due dilligence at some of the places that supposedly gave them money should never work again….how did these two IDIOTS raise $ from any legitimate investor?!!! these bastards should be in jail, they give the industry a bad name.
as if two Clark basketball players would know anything about high tech companies without inside info! As if anyone should care what these Mcs think about Dell?!!!! HAHAHAHAAHA your gonna be playing ball in jail now mothaFer
I think the Clark graduate 2 yrs. prior is a bit offbase…they never had a convertible, worked in the fund business for over 10 years and have had a successful fund for over 5 years-I won’t comment on the looks part. And furthermore, look no further that the convicted felon to try to setup anyone and everyone around him to have his filthy scum ridden felony time reduced. He will end up with a large pole up his tush in prison. DO YOUR HOMEWORK ON THE REAL SCUM-JACKASS!
I think the Clark graduate 2 yrs. prior is a bit offbase…they never had a convertible, worked in the fund business for over 10 years and have had a successful fund for over 5 years-I won’t comment on the looks part. And furthermore, look no further that the convicted felon to try to setup anyone and everyone around him to have his filthy scum ridden felony time reduced. He will end up with a large pole up his tush in prison. DO YOUR HOMEWORK ON THE REAL SCUM-JACKASS!
Haha crazy. All this Fortuna bashing… Not all Fortuna’s are bad. ;-)