Losses & Lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
Durus Capital Management
The US Securities and Exchange Commission filed on October 12 fraud charges against hedge fund Durus Capital Management, and its principals, Scott Sacane and J Douglas Schmidt. The SEC complaint charges Sacane and Schmidt with instigating fraudulent schemes during 2002 and 2003 involving the common stock of two biotechnology companies: Esperion Therapeutics and Aksys. Schmidt has since pleaded guilty to filing false statements.
Once the alleged frauds were disclosed in
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