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Is Hunterbrook Media a News Outlet or a Hedge Fund?

Clare Malone writes about Hunterbrook Media, a hybrid media-finance company that wants to monetize investigative journalism in the public interest.

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News-powered hedge fund raises $100m to trade on reporters' scoops

Hunterbrook Capital places trades based on scoops uncovered by reporters at its affiliated newsroom, Hunterbrook Media, which is separated by a layer of compliance.

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US owners of Italian team chose basketball over soccer

ROME (AP) — Europe’s soccer leagues are so full of teams owned and operated by American investors that the market could soon be saturated. That’s why an eclectic group of professionals studying in the executive MBA program at the University of Pennsylvania’s Wharton School turned their attention to basketball and acquired a 90% stake in top-tier Italian team Pallacanestro Trieste.

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Qin et al (Release No. LR-24997; Dec. 28, 2020)


Litigation Release No. 24997 / December 28, 2020
United States Securities and Exchange Commission v. Qin et al, No. 20 Civ. 10849-LGS (S.D.N.Y. filed December 22, 2020)
The Securities and Exchange Commission today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital's flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission's action alleges that the fraud was directed by Stefan Qin, an Australian citizen and part-time resident of New York, who owns and controls Virgil Capital and its affiliated companies.

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SEC Obtains Emergency Asset Freeze, Charges Crypto Fund Manager with Fraud


SEC Obtains Emergency Asset Freeze, Charges Crypto Fund Manager with Fraud
Washington, D.C.--(Newsfile Corp. - December 28, 2020) - The Securities and Exchange Commission today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital's flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission's action alleges that the fraud was directed by Stefan Qin, an Australian citizen and part-time resident of New York, who owns and controls Virgil Capital and its affiliated companies.

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SEC Obtains Emergency Asset Freeze, Charges Cryto Fund Manager With Fraud


SEC Obtains Emergency Asset Freeze, Charges Cryto Fund Manager With Fraud
Date
28/12/2020
The Securities and Exchange Commission today announced that it filed an emergency action and obtained an order imposing an asset freeze and other emergency relief against Virgil Capital LLC and its affiliated companies in connection with an alleged securities fraud relating to Virgil Capital's flagship cryptocurrency trading fund, Virgil Sigma Fund LP. The Commission's action alleges that the fraud was directed by Stefan Qin, an Australian citizen and part-time resident of New York, who owns and controls Virgil Capital and its affiliated companies.
According to the SEC's complaint, Qin and his entities have been defrauding investors in the Sigma Fund since at least 2018 by making material misrepresentations about the fund’s strategy, assets, and financial condition.  The complaint alleges that the defendants misled investors to believe their money was being used solely for cryptocurrency trading based on a proprietary algorithm, while Qin and the entities used investment proceeds for personal purposes or for other undisclosed high-risk investments. Since at least July 2020, Qin and Virgil Capital have told investors who requested redemptions from the Sigma Fund that their interests would be transferred instead to another fund under the ultimate control of Qin but with separate management and operations, the VQR Multistrategy Fund LP. The complaint alleges that no funds were transferred and the redemption requests remain outstanding. The SEC's complaint further alleges that Qin is actively attempting to misappropriate assets from the VQR Fund and to raise new investments in the Sigma Fund.

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MIL-OSI USA: SEC Obtains Emergency Asset Freeze, Charges Cryto Fund Manager with Fraud

MIL-OSI USA: SEC Obtains Emergency Asset Freeze, Charges Cryto Fund Manager with Fraud
foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.

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