Naming a hedge fund isn’t easy. There are or have been five figures worth of them, and each one needed a name. Good ones are thus in short supply. Really good ones—those with heft and gravitas—are in really, really short supply.
But some of us are born lucky. Take Stephen Eubanks. The Massachusetts man had spent a couple of decades in the brokerage business, mostly unsuccessfully, and wanted to get into the hedge-fund game. And right there, on his birth certificate, stood the first third of the perfect name: Eubanks…. Eubiquity. Eubiquity Capital! It’s personalized, sounds ground and looks almost sort of clever, at least to the kind of people Stephen Eubanks planned to market it. Because although he had the perfect hedge-fund name, Stephen Eubanks wasn’t actually going to start a hedge fund to house that $700,000 he raised for one, not when there were bills and redeeming investors to pay. And, great name or not, that usually leads only one place.
On Tuesday in U.S. District Court, Stephen S. Eubanks, 48, was sentenced to 30 months in prison followed by three years of supervised release. He also was ordered to pay $437,609 in restitution….
When asked for account statements summarizing the fund’s performance, Eubanks fabricated account statements or used statements from unrelated accounts to deceive his clients into believing that their money had earned a healthy return.
Hingham man sentenced to 30 months in prison for Ponzi scheme [Patriot Ledger]