July 27, 2006

Hedge Fund Consultant Charged with Data Theft

It is really strange that cases of hedge fund frauds have significantly increased in the past few weeks despite the so-called regulations enforced by the government. Every week, we are getting the news of scams and frauds involving hedge fund businesses. This is definitely a matter of concern for the investors and financers. Ira Chilowitz, a former consultant to Morgan Stanely was arrested and charged with stealing and electronic list of hedge funds that are clients of S3 Partners, a hedge fund advisory firm. Ira has been charged with conspiracy and unauthorized computer access. It may be just another fraud for the readers. However, the gravity of the situation needs to be understood. We must find out the solutions to prevent such incidents from occurring again.

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