Are You Not Supposed To Use Client Funds On Private Jets, Move Money Between Onshore And Offshore Accounts?

Author:
Updated:
Original:

If so, no one ever told Perry Gruss.

US market regulators yesterday sued the former CFO of a multibillion-dollar hedge fund founded by Daniel Zwirn, accusing him of improperly transferring $870 million between the fund's accounts. The lawsuit filed by the Securities and Exchange Commission accused Perry Gruss, of the now defunct hedge fund D.B. Zwirn & Co. of improperly transferring money between onshore and offshore accounts and for using client money to pay for a private plane.

[NYP]

Related

By Momoko (Open Clip Art library image's page) [CC0], via Wikimedia Commons

Texan "Frack Master" Who (Allegedly!) Used Investor Funds To Pay Off "Whore Card" Offended By SEC Suit

Also: "Entertaining is part of raising investor capital from high net worth individuals."

UBS Sorry About Using The Words "Crap" "Vomit" And "Kewl" Re: Notes It Sold To Hedge Fund Client

Traders at the Swiss bank (presumably!) won't make that mistake again.