WASHINGTON—The chair of the top U.S. securities regulator wants private funds to disclose more information to investors about potential conflicts of interest and the fees they charge, according to congressional testimony published Monday evening. Gary Gensler, chair of the Securities and Exchange Commission (SEC), also wants to impose greater transparency on the corporate bond, municipal…
US SEC Chair Wants Private Fund Fee Disclosures, Bond Market Transparency: Testimony
September 14, 2021
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BlackRock’s China Unit Raises $1 Billion in Maiden Mutual Fund
SHANGHAI—BlackRock’s China mutual fund subsidiary set up its first fund in the country after raising 6.68 billion yuan ($1.03 billion) during a shortened subscription period, signalling warm reception by investors. Wednesday’s disclosure came a day after billionaire investor George Soros said it was a mistake for BlackRock to invest in China now, and likely to…
Millions Stolen From Health Fund Spent on Adult Website
August 14, 2021
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TAMPA, Fla.—A former accounts manager for a nonprofit affiliated with the University of South Florida’s medical school has pleaded guilty to embezzling almost $13 million, spending most of it on an adult website with some of it coming back to him. The Tampa Bay Times reports that Ralph Puglisi, 59, is facing up to 20…
Jeffrey Epstein Victims’ Fund Pays More Than $121 Million, as Claims Process Ends
August 9, 2021
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NEW YORK—A fund to compensate victims of Jeffrey Epstein’s sexual abuses has completed the payout process, giving more than $121 million to about 138 people, the fund’s administrator said on Monday. About 225 claimants had sought restitution from the Epstein Victims’ Compensation Fund, more than twice the 100 expected when the fund opened in June…
Montreal Investment Fund Sued Over Use of Founder’s Great-Great-Grandfather’s Name
MONTREAL =—Brendan Holt Dunn said he wanted to invoke the legacy of his great−great−grandfather, pioneering Quebec industrialist Sir Herbert Holt, in the name of his Montreal−based venture capital fund. Now, he may have to go to court to keep the name. His fund, The Holt Xchange, which invests in early stage financial technology startups, is…
California Pension Fund Agrees to $2.7 Billion Lawsuit Deal
July 14, 2021
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LOS ANGELES—The nation’s largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums, it was announced Tuesday. The California Public Employees’ Retirement System, or CalPERS, has agreed to settle a class-action lawsuit over the fee hikes that were imposed on nearly 80,000 people…
HHS to Grant $22 Billion for CCP Virus Test Expansion and Vaccination Distribution
The Department of Health and Human Services (HHS) announced on Wednesday that the Centers for Disease Control and Prevention (CDC) will provide more than $22 billion for states and local authorities to tackle the CCP (Chinese Communist Party) virus pandemic, according to the Coronavirus Response and Relief Supplemental Appropriations Act. HHS said in a statement…
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