The Vanishing Hedge Fund

摘要

In 2004 scott stagg and gary Katcher started a hedge fund firm in Greenwich, Conn, that later morphed into Stagg Capital. Assets grew rapidly to $550 million by 2007. Today they are down to maybe $100 million. Redemptions and a bear market explain much of that decline. But not all. A chunk of the money seems to have wandered off in ways unbecoming of an investment firm.rnEvidence of trouble creeps out of civil suits and one criminal conviction. In August Mark Focht, 32, chief operating officer at Stagg Capital, pleaded guilty in New York state court to grand larceny for misappropriating at least $8.8 million. The losers are investors in the Stagg hedge funds, such as funds of funds run by Weston Capital Asset Management and Headstart Advisers. Scott Stagg froze redemptions in October 2008.rnHe also stopped calculating his fund's net asset value.