Federal prosecutors today added a seventh criminal charge against former McKinsey & Co. chief Rajat Gupta, pushing the start of his alleged insider-trading scheme with Galleon Group founder Raj Rajaratnam back by one year. read more

A $1 billion New York hedge fund has raked in more than $200 million for its new offering in just a month. read more

Two firms have joined forces to launch a new hedge fund that seeks to do well by doing good. read more

Denmark's second-biggest bank has taken a big hit in its bottom line, thanks to the country's second-ever class-action lawsuit. read more

JC Flowers & Co.'s former top executive in Britain  has been barred from the securities industry after he admitted defrauding one of the private equity firm's portfolio companies of £1.367 million pounds. Ravi Shankar Sinha used fake invoices to secure the payments from the company, money which he used to prop up his own failing finances. He also lied to the unidentified company's CEO, telling him that the payments had been authorized by JC Flowers. read more

Investors in the world's first sports-betting hedge fund find themselves holding shares as worthless as losing wager tickets. read more

After three years of strong returns, Majedie Asset Management has closed its "old-fashioned long/short equity fund" to new investment. read more

Citigroup will close its proprietary trading operations next month as it seeks to come into compliance with the upcoming Volcker rule banning the activity. read more

The Federal Communications Commission has asked for public comment on whether global positioning systems deserve legal protection from interference, a much-needed victory for Harbinger Capital Partners' wireless Internet venture. read more

The head of U.S. distressed-debt trading at Deutsche Bank is planning a hedge fund. read more