always with the three names

In court today, where he pleaded guilty, Frank Perkins Hixon Jr. laid out his thinking:

  • This wasn’t about avarice, it was about love
  • All he was trying to do was set up a nest egg for the woman with whom he had a two year affair, and their love child
  • But because his lady friend would not accept cash, he gave her the next best thing, the proceeds from trades based on material non-public information

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He just had to get a little creative is all. A lot of people say that trading is their passion but when push comes to shove they’d give it up in a second if A) they lost their Bloomberg terminal and B) a judge ordered them to do so. Neither of these things were going to hold James Michael Murray down. Read more »

Remember Frank Perkins Hixon Jr.? Made something of a name for himself when he became the first Evercore employee in history to be accused of insider trading, which he apparently did in part to raise funds to support the child he had with Destiny Wind Robinson? He may be going away for a while. Also, he’s sorry. Read more »

From 2010 to 2014, when he was working in Evercore’s mining and metals group, Frank Perkins Hixon Jr. occasionally found himself on the receiving end of material non-public information. Sometimes it was about forthcoming acquisitions. Sometimes it was about his own company’s earnings. In both cases, FPH Jr. knew he could sweeten things for himself by trading on the 411. Naturally, he didn’t want to get fired from Evercore for securities fraud, as it would put a damper on his ability to obtain inside info, so he couldn’t be too obvious. Placing the trades in an account under his own name was obviously out. Same went for anyone with whom he shared a last name, like his mom or dad. And that’s when the lightbulb went off: Read more »

Except:

  • Looking up laws regarding tinted windows
  • Coming up with a better disguise than James Lipton Meets Dave Navarro
  • Straying a bit further than two hours from his house, or to a place where local cops wouldn’t be able to recognize him, even with the aforementioned disguise

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At a gathering on Monday night at 740 Park Avenue in Manhattan for Diana Taylor, the girlfriend of New York City Mayor Michael Bloomberg, some of New York’s wealthiest considered a future without the billionaire in charge. There was considerable alarm about Bill de Blasio’s lead in the polls, along with his plan to raise taxes on New York’s upper echelon. “I fear for New York City if Mr. de Blasio gets elected,” said Muffie Potter Aston. “He just wants to tax everyone to smithereens. You have to be fair to everyone. You have programs that support all of the people of New York. But if you continue to tax what you see as the upper-income brackets, it’s still only going to be providing a small percentage of additional income.” [...] “I would love to support a fourth term for Mike Bloomberg. So if we can float that, you can say Muffie Potter Aston wants a fourth term for Michael Bloomberg,” she said. Her concerns about de Blasio were shared by her cohort. “I’ve never understood why New Yorkers vote against their own interests,” said Jacqueline Weld Drake. “New York is a city of financial entrepreneurs, of genius stock traders and bankers. It would be a smart idea to keep it that way. It’s not a city that’s going to benefit from high taxes because people who have substantial incomes have a choice. They have a choice of venues. New Jersey beckons. Florida beckons. All kinds of other states who do better at job creation. We are really biting the hand that feeds us. No question about it.” [WWD via Dealbook]

Yesterday afternoon, federal prosecutors charged Fredrick Douglas Scott, the self-described “youngest African-American hedge fund founder in history,” with engaging “in a wire fraud conspiracy to steal hundreds of thousands of dollars from investors1,” which he used to buy Caramel Macchiatos, stay in hotels with views of the Holland Tunnel, and bail his friends out of jail.2 At this time, there appear to be several inconsistencies with the stories Scott has told clients and friends, which include:

  • The claim he manages $3.7 billion.
  • The claim he makes $96,000/year (“[Scott] filled out a financial affidavit claiming his salary is $96,000. Scott then told pretrial services he makes $200,000 but takes home only $50,000 a year, prosecutors said. Scott’s personal account at TD Bank showed over $700,000 “flowing in and out,” but as of April 30 his ACI Capital Group account was overdrawn by $91.24.”)
  • The claim his in-laws were his get out of jail free card (“Scott [has said] his wife’s parents have ‘Italian diplomatic status,’ and he boasted to the FBI that if he got in trouble, she would be his ‘ace in the hole.’”)

Will we find out that the above weren’t so much lies as misunderstandings in the days to follow? Maybe! At this time, however, the most pressing issue Scott may want to resolve would be that of his representation, which is currently not returning his calls. Read more »