October 06, 2014

2/13/2014 @ 12:00AM

Unwilling Lenders

 

If Refco’s creditors get their way, hedge fund investors will face yet another risk.

Imagine the unimaginable–Fidelity Investments goes bankrupt. Fidelity’s creditors try to get what they’re owed–from the $1.2 trillion in client assets managed by the company. Sound crazy? It is, but it’s close to what Refco’s creditors are trying to do to investors in a hedge fund that kept accounts with the failed commodities trading firm.

Starting in 2004 brokers from firms like A.G. Edwards and Merrill Lynch sold clients shares of the S&P Managed Futures Index Fund, run by a company called PlusFunds. Refco was the clearing broker. Unlike most hedge funds, this one kept its barriers low. A net worth of $45,000 and the same in annual income was enough to qualify a customer.

The fund, which tracks the S&P Managed Futures Index and is meant to provide a hedge against the stock market, managed at least $312 million from some 1,000 investors when Refco collapsed. The fund were deposited with Refco, which placed the money in offshore accounts, where they aren’t subject to limits on margin debt that apply to domestic accounts

A lawsuit filed in U.S. Bankruptcy Court in New York by Refco’s unsecured creditors contends that when the fraud that led to Refco’s bankruptcy became clear in October, PlusFunds Chairman Christopher Sugrue stormed Refco’s offices and had $312 million transferred to new accounts at Lehman Brothers.

The creditors, including Wells Fargo and Cargill, say that this money should have stayed within Refco and that Sugrue and PlusFunds should get in line. The suit implies that Sugrue, a former Refco employee, used his influence at Refco to slide in front of other creditors. Luc A. Despins, the Milbank, Tweed, Hadley & McCloy attorney who filed the suit, declined comment.

But it’s not PlusFunds’ money–the $312 million comes from the investors in the S&P Managed Futures Index Fund. The creditors’ claims on those assets have prevented investors from getting their money back.

Marc Lowlicht, a certified financial planner with Further Lane Asset Management in Manhattan, has half a dozen clients in the fund. He complains: “If I wanted them to be creditors, I would have sold them bonds.”


October 06, 2014

2/13/2014 @ 12:00AM

Unwilling Lenders

 

If Refco’s creditors get their way, hedge fund investors will face yet another risk.

Imagine the unimaginable–Fidelity Investments goes bankrupt. Fidelity’s creditors try to get what they’re owed–from the $1.2 trillion in client assets managed by the company. Sound crazy? It is, but it’s close to what Refco’s creditors are trying to do to investors in a hedge fund that kept accounts with the failed commodities trading firm.

Starting in 2004 brokers from firms like A.G. Edwards and Merrill Lynch sold clients shares of the S&P Managed Futures Index Fund, run by a company called PlusFunds. Refco was the clearing broker. Unlike most hedge funds, this one kept its barriers low. A net worth of $45,000 and the same in annual income was enough to qualify a customer.

The fund, which tracks the S&P Managed Futures Index and is meant to provide a hedge against the stock market, managed at least $312 million from some 1,000 investors when Refco collapsed. The fund were deposited with Refco, which placed the money in offshore accounts, where they aren’t subject to limits on margin debt that apply to domestic accounts

A lawsuit filed in U.S. Bankruptcy Court in New York by Refco’s unsecured creditors contends that when the fraud that led to Refco’s bankruptcy became clear in October, PlusFunds Chairman Christopher Sugrue stormed Refco’s offices and had $312 million transferred to new accounts at Lehman Brothers.

The creditors, including Wells Fargo and Cargill, say that this money should have stayed within Refco and that Sugrue and PlusFunds should get in line. The suit implies that Sugrue, a former Refco employee, used his influence at Refco to slide in front of other creditors. Luc A. Despins, the Milbank, Tweed, Hadley & McCloy attorney who filed the suit, declined comment.

But it’s not PlusFunds’ money–the $312 million comes from the investors in the S&P Managed Futures Index Fund. The creditors’ claims on those assets have prevented investors from getting their money back.

Marc Lowlicht, a certified financial planner with Further Lane Asset Management in Manhattan, has half a dozen clients in the fund. He complains: “If I wanted them to be creditors, I would have sold them bonds.”


September 14, 2014

If a lawyer and an IRS agent were both drowning, and you could only save one of them, would you go to lunch or read the paper?

September 11, 2014

Chris SUGRUE

Artist / Programmer

 

Chris Sugrue is an artist and programmer from the USA whose software-driven artworks include interactive installations and live audiovisual performance. Her work reimagines digital technology in an attempt to bring unique worlds to life through code, cameras, projection and video. Sugrue holds a Masters of Fine Arts in Design and Technology from Parsons School of Design in New York City, and has held positions as a researcher and interactive developer at the Ars Electronica Futurelab, a production fellow at the Eyebeam Art and Technology Center in New York, and artist-in-residence at Hangar in Barcelona.

Related Projects


September 11, 2014

 
 

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(516) 431-0519
Current Address
117 West
East Rockaway, NY 11518
Current Email
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August 24, 2014

 
Christopher Sugrue

Christopher Sugrue

Credit Manager at TD

Holyoke, Massachusetts (Springfield, Massachusetts Area)
Banking

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Christopher Sugrue's Overview

Current
  • Vice President at TD
  • Conservation Commisioner at City of Holyoke
Past
Education
Connections

217 connections

Christopher Sugrue's Experience

Vice President

TD

Public Company; 10,001+ employees; TD; Banking industry

June 2006Present (8 years 3 months) Springfield, Massachusetts Area

Credit Management

Conservation Commisioner

City of Holyoke

Educational Institution; 1001-5000 employees; Higher Education industry

2012Present (2 years) Holyoke, MA

Help protect the City of Holyoke's natural resources

Boarding Officer

U.S. Coast Guard

Government Agency; 10,001+ employees; Military industry

June 2004June 2006 (2 years 1 month) Opa Locka, Florida

Senior Analyst

TD Bank

Public Company; 10,001+ employees; TD; Banking industry

June 2000June 2004 (4 years 1 month) Springfield, Massachusetts Area

Christopher Sugrue's Languages

  • Spanish

Christopher Sugrue's Skills & Expertise

  1. Financial Analysis
  2. Construction Loans
  3. Commercial Real Estate
  4. Renewable Energy
  5. Credit
  6. Portfolio Management
  7. Business Development
  8. Loans
  9. Strategic Planning
  10. Banking
  11. Investments
  12. Finance

Christopher Sugrue's Education

Skidmore College

Bachelor of Arts (B.A.), Business/Commerce, General

19941998

 

Greenfield Community College

Certificate Program, Renewable Energy/Energy Efficiency

20122013

 

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August 12, 2014

 

Chris Sugrue

DELICATE BOUNDRIES
As digital technologies become more embedded in everyday life, the line between the virtual and real is increasingly blurred. Delicate Boundaries imagines a space in which the worlds inside our digital devices can move into the physical world. Small bugs made of light, crawl out of the computer screen onto the human bodies that make contact with them. The system explores the subtle boundaries that exist between foreign systems and what it might mean to cross them.

This work was created with the support of Medialab Prado, Eyebeam Art and Technology Center, and Hangar.
Credits include Zachary Lieberman Damian Stewart Blanca Rego Jordi Puig Gonzalo Posada


August 10, 2014

 

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August 10, 2014

Christopher Sugrue Has Lead It To Become A Leader

April 14th, 2011 - Posted by Admin

The financial industry is ripe with corruption, bad habits, and secrecy—which has, as of late, been on display due to the recession. Bernie Madoff is an excellent example of why the financial industry in general needs more transparency, responsibility, and accountability. PlusFunds Group Inc. is one organization that is trying to improve upon the standards of transparency and independent oversight in the industry and being met with some success. It is an employee-owned and operated hedge fund sponsor.

PlusFunds Group Inc. caters to a variation of clients, including public and corporate institutions, pooled investment vehicles, and individual investors. The fixed income markets and public equity markets attract the most investment attention from PlusFunds Group Inc. Merger arbitrage, fixed income, and long or short equity are the main methods by which PlusFunds Group Inc. makes its investments. The firm focuses on distressed debt and futures.

Christopher Sugrue is the chairman of PlusFunds Group Inc., and the man who has lead it to become a leader in the industry. The company was founded in 1998 and is headquartered in the city so nice they named it twice, New York City, New York. PlusFunds Group Inc. is actually an alliance of financial firms that provides investment advice and options to clients, based upon their risk profile.

Additional Resources:

Christopher Sugrue :: Article on INC Database.com

Christopher Sugrue :: Listed on INC Listings.com

Christopher Sugrue :: Article on INC 1000.com

Christopher Sugrue :: Information on Professional Database INC.com

Christopher Sugrue :: Listed on The Corporate Database.com

 

August 10, 2014

Christopher Sugrue Has Lead It To Become A Leader

April 14th, 2011 - Posted by Admin

The financial industry is ripe with corruption, bad habits, and secrecy—which has, as of late, been on display due to the recession. Bernie Madoff is an excellent example of why the financial industry in general needs more transparency, responsibility, and accountability. PlusFunds Group Inc. is one organization that is trying to improve upon the standards of transparency and independent oversight in the industry and being met with some success. It is an employee-owned and operated hedge fund sponsor.

PlusFunds Group Inc. caters to a variation of clients, including public and corporate institutions, pooled investment vehicles, and individual investors. The fixed income markets and public equity markets attract the most investment attention from PlusFunds Group Inc. Merger arbitrage, fixed income, and long or short equity are the main methods by which PlusFunds Group Inc. makes its investments. The firm focuses on distressed debt and futures.

Christopher Sugrue is the chairman of PlusFunds Group Inc., and the man who has lead it to become a leader in the industry. The company was founded in 1998 and is headquartered in the city so nice they named it twice, New York City, New York. PlusFunds Group Inc. is actually an alliance of financial firms that provides investment advice and options to clients, based upon their risk profile.

Additional Resources:

Christopher Sugrue :: Article on INC Database.com

Christopher Sugrue :: Listed on INC Listings.com

Christopher Sugrue :: Article on INC 1000.com

Christopher Sugrue :: Information on Professional Database INC.com

Christopher Sugrue :: Listed on The Corporate Database.com