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Former hedge fund manager faces 'significant time in prison for his fraud'

Hedge Fund

Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced that MICHAEL SCRONIC, a former hedge fund manager, has pleaded guilty to securities fraud before U.S. District Judge Cathy Seibel. SCRONIC admitted as part of his plea that he had defrauded the 45 investors in his Scronic Macro Fund of more than $22 million



C Suisse sued by 'burned' investor

Credit Suisse was sued by an investor who got burned last month betting against stock-market turmoil, as more people seek to recoup steep losses on VIX exchange-traded products.

Citi HQ & One Canada Square building - Canary Wharf

Citi launches a Facebook Messenger 'chatbot'

The chatbot on Facebook Messenger is available to Citi's consumer banking clients in Singapore beginning Thursday. The bank plans to roll out the service in Hong Kong and Australia later this year.


Jamie Dimon

Bear Stearns is alive and well

Ten years ago last Friday, JPMorgan Chase announced it would buy collapsing investment bank Bear Stearns for pennies on the dollar after a weekend of emergency talks brokered by the government to avert a financial crisis.