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- Manhattan_Investment_Fund_fraud abstract "Manhattan Investment Fund was a hedge fund managed by Michael Berger, who pursued an investment strategy of betting against US stocks that appeared to be over-valued. During the stock market bubble of the late 1990s, this strategy led to about $400 million in losses on IT related products. Berger hid the losses from the investors in the fund for more than three years. This was considered a major financial scandal in that time.The Manhattan Investment Fund fraud resembled the Madoff fraud in certain respects. In both cases regulators failed to catch the fraud. The broker-dealer, a heavily regulated firm, enabled Berger to mislead his clients and the fund's administrator and auditor.After Bear Stearns, the fund's prime broker, complained to the Securities and Exchange Commission, the fund was shot down and a court-appointed trustee, Helen Gredd, was given control of the remaining assets. The lawsuits from the fraud lasted many years, including a case by the trustee against Bear Stearns.Berger was charged with fraud but he jumped bail and did not show up at the New York court where he was to be sentenced. After five years as a fugitive, he was arrested in Austria. As an Austrian citizen he was not extradited to the US, where he would have faced a six-and-a-half year term for the fraud and another five years for jumping bail. He was in prison for almost two years in Austria.".
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- Manhattan_Investment_Fund_fraud subject Category:Financial_scandals.
- Manhattan_Investment_Fund_fraud subject Category:Hedge_funds.
- Manhattan_Investment_Fund_fraud subject Category:Investment_companies_of_the_United_States.
- Manhattan_Investment_Fund_fraud type Abstraction100002137.
- Manhattan_Investment_Fund_fraud type Business108061042.
- Manhattan_Investment_Fund_fraud type Enterprise108056231.
- Manhattan_Investment_Fund_fraud type FinancialInstitution108054721.
- Manhattan_Investment_Fund_fraud type Firm108059870.
- Manhattan_Investment_Fund_fraud type Group100031264.
- Manhattan_Investment_Fund_fraud type HedgeFundFirmsOfTheUnitedStates.
- Manhattan_Investment_Fund_fraud type Institution108053576.
- Manhattan_Investment_Fund_fraud type InvestmentCompaniesOfTheUnitedStates.
- Manhattan_Investment_Fund_fraud type InvestmentCompany108070850.
- Manhattan_Investment_Fund_fraud type NondepositoryFinancialInstitution108419984.
- Manhattan_Investment_Fund_fraud type Organization108008335.
- Manhattan_Investment_Fund_fraud type SocialGroup107950920.
- Manhattan_Investment_Fund_fraud type YagoLegalActor.
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- Manhattan_Investment_Fund_fraud comment "Manhattan Investment Fund was a hedge fund managed by Michael Berger, who pursued an investment strategy of betting against US stocks that appeared to be over-valued. During the stock market bubble of the late 1990s, this strategy led to about $400 million in losses on IT related products. Berger hid the losses from the investors in the fund for more than three years.".
- Manhattan_Investment_Fund_fraud label "Manhattan Investment Fund fraud".
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