An Underreported $120m Hedge Fund Meltdown

It’s not often a $100m-plus hedge fund melts down, but gets next to nada coverage. This one admittedly happened a couple of years ago now, but all the best stuff has been in the subsequent reports from the court-appointed receiver, as well as in the trial documents from the various principals.

So long as you aren’t an investor, the story of GMM’s meltdown is great reading. Absolutely remarkable how many people put money into a fund without audited performance results, as well as how no-one did a simple search to discover that the fund’s managing partner and main trader had been fined/barred multiple times by securities agencies.

Read the following in order:

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