FinAlternatives.com, November 29, 2010
Hedge fund Mountain Capital Management—and 44 other investors—have settled with the court-appointed receiver in the Westgate Capital Management Ponzi scheme case.
Lee Richards had filed clawback lawsuits against the Woodcliff Lake, N.J.-based hedge fund and other investors, demanding they return the fictitious profits paid out by Westgate. Richards had also accused Mountain founder Neil Monteleone of learning that fellow hedge fund Westgate was a fraud three years before it collapsed, and doing nothing about it.
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