Wednesday, March 02, 2005
Hedge Fund Closes, Investors Devastated
If you have followed Elliott Wave International, you know how the hedge fund industry has raked in billions of dollars of deposits in recent years. The high risk strategies the firms follow are cited as an example of public complacency regarding risk. Lets see how people react when it all goes wrong.
From the Palm Beach Post,"KL Financial, a hedge fund manager that catered to wealthy investors and held as much as $300 million of clients' money unexpectedly closed..My life savings are essentially gone," said one KL Financial client who asked not to be identified".
"There's little paper trail on the company, mainly because as a hedge fund it falls outside the purview of state and federal securities regulators.."They were clearly margined to the hilt".."I don't know a lot," said a somber Kochman, whose legal office is also in the Esperante building. "Most important, my thoughts are with the numerous innocent victims. I've lost all the money I have in the world."
From the Palm Beach Post,"KL Financial, a hedge fund manager that catered to wealthy investors and held as much as $300 million of clients' money unexpectedly closed..My life savings are essentially gone," said one KL Financial client who asked not to be identified".
"There's little paper trail on the company, mainly because as a hedge fund it falls outside the purview of state and federal securities regulators.."They were clearly margined to the hilt".."I don't know a lot," said a somber Kochman, whose legal office is also in the Esperante building. "Most important, my thoughts are with the numerous innocent victims. I've lost all the money I have in the world."
# posted by Ben Jones @ 3:33 PM 
