Fraudsters give hedge funds a bad name in Indian Country

Thu Jul 1, 2004

A growing band of Native American managers is still losing out to the con men

Chief Tecumseh Shawnee once posed a famous question: "Where today are the Pequot? Where are the Narragansett, the Mohican, the Pokanoket, and many other once powerful tribes of our people?" The chief's rhetorical question was meant to underscore the tragedy suffered by Native Americans at the hands of colonial invaders. Arguably the tragedy is still going on at the hands of Wall Street and a number of hedge fund fraudsters.

Sadly, a disproportionate number of tribal allocations to hedge funds have ended in fraud allegations, which have prompted a number of Native American managers to take matters into their own hands by launching funds for the Native American market. Their efforts, however, have met with limited success with very few Native American money managers succeeding in tapping into the tribal money or that from the hugely...

ISSN: 2151-1845 / CDC10004H

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