Ask A Hedge Fund Fraud

[gold st capital]

New Question for OP: Close friend recently got into Compliance in NYC right on Wall St. Recommended it as a field that is relatively fresh and on the cusp of booming. Jobs available in this tough market. Doesn't require significant post-graduate schooling or licenses. I have a Law/Political Science background. What's your take on the Compliance department as a whole?

Compliance is necessary and will always be needed. the more fraud the more compliance. It wont make you wealthy but once you have man years under your belt you will make good money. 

Lawyers who represent brokers make great money, but they are not compliance. The kind of compliance you are speaking of are the people who patrol for securities law violations. Since there are many jobs currently in this field do not expect the pay to be very great; however its still a job in the field. 

You want a good compliance job, work for finra, sec or nasdaq. After working at these places people will beg for you to be part of their company.

 

[lazyj10]

Compliance is a dynamic part of the industry and will be.

Form PF is bringing a ton of compliance aspects to market. You don't need to have additional schooling, per se, but just understanding the operations of the fund.

I've had meetings with clients who default to "Oh, Form PF, that's compliance so our lawyers will handle it." That is inherently wrong. There's some ridiculous line item amount of data that will need to be provided. Smaller funds are at a disadvantage to provide this so they're reaching out to consultants. My firm has a advisory unit that is helping.

Chief Compliance Officer's for Fund's won't necessarily require more schooling, but more so industry experience.

 

[antbanks81]

Hey I don't know if you're still answering questions, but what is your minimum to get started in currency trading with you? I remember doing a project in an international business course, but I would prefer a pro.

 

[acemaster193]

I was looking into Compliance, more of what I want to do. I've heard the same about the field. Thanks a lot OP, helluva lot of knowledge being tossed around.

 

[gold st capital]

Compliance is a dynamic part of the industry and will be.
Form PF is bringing a ton of compliance aspects to market. You don't need to have additional schooling, per se, but just understanding the operations of the fund.
I've had meetings with clients who default to "Oh, Form PF, that's compliance so our lawyers will handle it." That is inherently wrong. There's some ridiculous line item amount of data that will need to be provided. Smaller funds are at a disadvantage to provide this so they're reaching out to consultants. My firm has a advisory unit that is helping.
Chief Compliance Officer's for Fund's won't necessarily require more schooling, but more so industry experience.

One thing to know in this industry as Lazyj10 says, you cannot just leave your compliance for your legal to handle. When dealing in investments, it is your duty to know the rules especially if you are licensed. There is no excuse to say i didn't know when you break the law; you will still be fined and censured 

 

[gold st capital]

Hey I don't know if you're still answering questions, but what is your minimum to get started in currency trading with you? I remember doing a project in an international business course, but I would prefer a pro.

Do you mean what is the minimum for me to manage your currency trades?

For most brokerage houses its $2,500

 

[antbanks81]

Thanks,I have been interested in CT since that class but never took the risk.

 

[gold st capital]

Thanks,I have been interested in CT since that class but never took the risk.

If you want me to manage your currency portfolio its a matter to be discussed outside of the forum. E-mail me and we can speak

 

[champcruthik]

I was looking into Compliance, more of what I want to do. I've heard the same about the field. Thanks a lot OP, helluva lot of knowledge being tossed around.

Makes two of us, man. Just an option I'm considering outside of law school.

Appreciate the input, LazyJ. Keep it coming, bro. You're helping many of us.

 

[lazyj10]

No worries. I know a lot about the industry from my relationships and career, but I'm sitting on the opposite side of the desk compared to the OP.

 

[biglescobar]

The Porsche 911 is for real, I been in it...needs some new rims and a system tho....

 

[gold st capital]

The Porsche 911 is for real, I been in it...needs some new rims and a system tho....

whats up homie? when I start getting 20% and 2% like you im getting new rims. Lol

 

[thewestcoast]

quit fronting. We know bigles is executive producer of the real housewives of new jersey. He got that mob money.

 

[nocomment6]

really, wow, nice.

 

[gold st capital]

Two posters had asked me to explain why I thought the USD will not collapse. I wrote a detailed response in simple English, I tried to post it on the forum but I am on my phone and the site is giving me hell. Please take a look at the blog and post your replies here.

www.goldstcapitalblog.wordpress.com

Thx

 

[futuremd]

OK. 

Be completely honest (if you can) or as forthright with your knowledge as you can be with me.

What will happen with this recent announcement? 

http://www.csmonitor.com/World/Glob...als-shiny-state-secret-It-s-awash-in-diamonds

 

[freakydestroyer]

OK. 


Be completely honest (if you can) or as forthright with your knowledge as you can be with me.

What will happen with this recent announcement? 

http://www.csmonitor.com/World/Glob...als-shiny-state-secret-It-s-awash-in-diamonds

Diamonds are not a traded commodity if that's what you were thinking.

 

[futuremd]

OK. 


Be completely honest (if you can) or as forthright with your knowledge as you can be with me.

What will happen with this recent announcement? 

http://www.csmonitor.com/World/Glob...als-shiny-state-secret-It-s-awash-in-diamonds

Diamonds are not a traded commodity if that's what you were thinking.

I know that they're a largely privately owned entity and market, but I was wondering what he thought might happen to the market for diamonds and consumers.

I mean if its not his field, then its all good. Just wanted some financial insight on what the implications of this might be. 

 

[lazyj10]

Since it's Russia, I'd take it with a grain of salt anyway.

There are funds out there that invest in physical commodities such as diamonds, but the obvious direct impact on pricing besides general supply is the quality/rareity, weight of the stones, etc.

Probably effects every day purchasing more than it would as an investment vehicle.

 

[freakydestroyer]

Pretty much what LazyJ said. By now it's no secret that diamonds are not as rare as they seem and are all controlled by one entity.

 

[gold st capital]

OK. 

Be completely honest (if you can) or as forthright with your knowledge as you can be with me.

What will happen with this recent announcement? 

http://www.csmonitor.com/World/Glob...als-shiny-state-secret-It-s-awash-in-diamonds

Future,

the article mainly is harping on the value of these Russian Diamonds industrial use. From my knowledge diamonds such as these do not fetch a high price in the open market anyway, as they are rough stones with imperfections. If these diamonds had any commercial saleability like the diamonds we see at Tiffany's then this may actually pose a problem to DeBeers; however these stones are not that and I think they will do little to effect the cost of diamonds commercially. Industrially though this is big for those who mine them, as these stones which are "super hard" will be in great demand for diamond drill bits and other grinding tools.

 

[ricky409]

*** crucial is the CFA?

I'm.going to take your advice and knoca couple of series out of the way this semester...

But I want to a investment student meeting and they were talking about getting the CFA...

Talk to me famb...

 

[jc04]

^Just from my short time in capital markets (~3 years), the CFA is becoming the "gold standard" as more employers are considering that a bare minimum especially for pension funds I've found. However, if you want to become a trader or want to do anything more quant focused, then the CFA is a nice supplement but not the end all be all.

 

[gold st capital]

^Just from my short time in capital markets (~3 years), the CFA is becoming the "gold standard" as more employers are considering that a bare minimum especially for pension funds I've found. However, if you want to become a trader or want to do anything more quant focused, then the CFA is a nice supplement but not the end all be all.

*** crucial is the CFA?
I'm.going to take your advice and knoca couple of series out of the way this semester...
But I want to a investment student meeting and they were talking about getting the CFA...
Talk to me famb...

Ricky409,

exactly what JC04 said.

I myself do not care for a CFA because I know how to get clients and trade them. Make an easy 6+ figures without the extras. if i worked at another firm, yes i would be looking to get a CFA and a principles license. If your current job will allow you to get a principles license, get that too.

 

[nocomment6]

Regarding the diamond situation, first off wow, keeping a secret like that for 30 years is pretty brutal. But yet again, I'd be naive to beleive other governments don't do the same.

Secondly I don't and well probably nobody really has any exact info on the quality of diamonds, but it can show potential, for example the expenses of russian industrial companies, which need diamonds for their tasks may be able to reduce costs, raising profits...

Great article on the dollar Gold St Capitol.
And at the end of the day it just wouldn't make sense for governements to let the most popular currency sink.