giovedì 29 ottobre 2009

Helmut Kiener of German hedge fund K1 arrested

Helmut Kiener of German hedge fund K1 arrested

Helmut Kiener, the founder of German hedge fund K1, in which Barclays and other banks are said to have lost $400m, has been arrested as part of a fraud investigation.

By Helia Ebrahimi
Telegraph, 29 Oct 2009

The 50-year-old, whose hedge fund produced remarkable returns in the last decade, is at the centre of a multi-million-dollar corruption probe of the Caribbean-registered fund he ran.

Mr Kiener's lawyers said they would file an appeal against his arrest and detention in a Wuerzburg jail.

"The man has two children and is married. He had a private audience with the Pope this year and has a €60m jet at Frankfurt airport. This man is not insignificant," a spokeswoman for Munich law firm Lutz Libbertz said.

His arrest warrant said Barclays, which is believed to have already written-off its exposure, and France's BNP Paribas may have lost tens of millions with the firm.

Separately, FBI agents in Miami also arrested a German wealth consultant on money-laundering charges which reports said was related to K1. The case centres on the K1 Global Sub Trust hedge fund run by Mr Kiener, a psychologist by training, who moved into the financial sector.s

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1 commento:

  1. Michael V. Kilgore30 ottobre 2009 alle ore 16:43

    What is wrong with the internationl business sector? These various investors should be readily aware that these offshore companies have, under certain circustances, underlying business practices which may not be regulated to any effective degree. The majority of hedge funds are a convenient place for certain companies, Banks and other private investors seeking to, let`s say, "protect" thier income and avoid certain regulatory consequences. These Banks, comapanies, and other clientel should be obviously aware of the calculated risk factor and be willing to "pay the otherwise consequences" of their decision to invest their capital in these "off shore" investment instruments. Otherwise, Good luck, is the name of the game,combined with a measured amount of greed and blind confidence involved in such actions.....

    Respectively Michael V. Kilgore

    RispondiElimina

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