U.S. hedge fund manager gets jail in bid rigging case

first_img Related news Keywords Enforcement,  Fraud,  Hedge fundsCompanies Securities and Exchange Commission A former hedge fund manager has been sentenced to six months in jail for attempting to rig the bidding process for distressed assets from the Neiman Marcus bankruptcy.Daniel Kamensky, the founder of a New York-based hedge fund, was sentenced to six months in prison after pleading guilty to fraud and extortion charges for pressuring a rival bidder to withdraw from bidding for assets from the bankruptcy of luxury department store Neiman Marcus. He was also sentenced to six months of supervised release and fined US$55,000. BFI investors plead for firm’s sale Facebook LinkedIn Twitter Mouth mechanic turned market manipulator James Langton PwC alleges deleted emails, unusual transactions in Bridging Finance case gavel 123RF Share this article and your comments with peers on social media According to the complaint against him, Kamensky, who co-chaired a committee of unsecured creditors involved in the proceedings, threatened to use his position on that committee to prevent an investment bank from acquiring securities in the bankruptcy proceeding for a higher price than his hedge fund was offering. He also said that the fund would cease doing business with the bank.Ultimately, the bank decided not to submit its bid and informed the committee that it was because a hedge fund client had asked it not to bid.Kamensky later asked an employee of the bank to tell the committee that he’d only told the bank not to bid unless it was serious, saying, “Do you understand…I can go to jail?”He did end up facing charges from both the U.S. attorney’s office for the Southern District of New York and from the U.S. Securities and Exchange Commission (SEC). He pleaded guilty to the criminal charges on Feb. 3.“Daniel Kamensky committed bankruptcy fraud – undermining the integrity of bankruptcy proceedings and violating his fiduciary responsibility – in an effort to take extra profits for himself and his hedge fund. As he himself predicted, this fraud has now landed Daniel Kamensky in prison,” said U.S. attorney Audrey Strauss in a release.last_img read more

Hundreds of protesters gather against new flu vaccine mandate in Massachusetts

first_imgMarianVejcik/iStockBy MEREDITH DELISO, ABC News(BOSTON) — Hundreds of people gathered Sunday to protest a new flu vaccine mandate for Massachusetts students, enacted as school districts prepare to reopen during the coronavirus pandemic.At the demonstration in front of the Massachusetts State House in Boston, protesters — some of them children — held signs that read “Unavoidably unsafe,” “My child, my choice,” “Parents call the shots” and “I am not a threat.” “No forced shots” was written in chalk in front of the statehouse. Many demonstrators were not wearing masks or social distancing, according to photos and videos taken of the event.The protest follows an Aug. 19 announcement from state officials that influenza immunization will be required for all children ages 6 months or older who are attending Massachusetts child care, pre-school, kindergarten, and K-12. Full-time undergraduate and graduate students under 30 and all full and part-time health science students attending school in the state must also get the vaccine.Several protesters said that the flu shot should be a choice — an argument frequently used against mask mandates, including in schools — due to the pandemic.“The flu vaccine should not be a mandate. It should be a choice,” Jessica Marchant told ABC Boston affiliate WCVB.Other protesters told the station they believe state officials are “taking advantage” of the fear caused by the virus.“I think parents are vulnerable right now. They need their kids to go to school and they backed us into a corner,” Taryn Proulx told WCVB-TV. “We feel like we have to just comply or rearrange our whole lives and homeschool our children.”The mandate comes as experts are bracing for what some have called a “twindemic” of COVID-19 and the flu. Children are more vulnerable to the seasonal flu than COVID-19, medical experts told ABC News. Those under 5 years old are at the highest risk of developing serious flu-related complications, according to the Centers for Disease Control and Prevention.“It is more important now than ever to get a flu vaccine because flu symptoms are very similar to those of COVID-19 and preventing the flu will save lives and preserve health care resources,” Dr. Larry Madoff, medical director of the Massachusetts Department of Public Health’s Bureau of Infectious Disease and Laboratory Sciences, said in a statement announcing the flu requirement.Under the mandate, students must now receive the vaccine annually by Dec. 31. Medical or religious exemptions are allowed. Home-schooled or off-campus college students are also exempt. Elementary and secondary students who are remote are not exempt.A majority of school districts in the state, including Boston, plan to reopen in the coming weeks with hybrid learning, according to an analysis by WCVB.Massachusetts has some of the highest vaccination rates in the country. During the 2018-2019 flu season, 81% of children ages 6 months to 17 years and 53.5% of adults got the vaccine, according to the CDC.Massachusetts is the first state to mandate the flu vaccine for all children and joins a handful of states that already require it for child care and/or preschool enrollees, according to research by the Immunization Action Coalition.Copyright © 2020, ABC Audio. All rights reserved.last_img read more