Fraud suspected as court moves to freeze Morgan fund manager's assets
Article Abstract:
It is believed that Peter Young, a fund manager who has now been suspended by Morgan Grenfell Asset Management, may have been involved in a complex fraud based on a series of transactions in unknown foreign concerns. Investigators are focusing their attentions on a number of unlisted companies in which Young invested the funds of around 90,000 people. Some observers believe that he could have been using some of the unlisted firms to purchase his investments in other companies.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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Morgan facing claims avalanche from investors
Article Abstract:
Fund management concern Morgan Grenfell many have to pay large sums in compensation to past and present investors in its European funds if an investigation reveals that the funds were trading on false prices. The company has said that it is cooperating with regulator Imro to ensure that compensation is paid to unitholders. Claims may come from sources including investors who have sold off more than 180 million pounds sterling of their holdings recently.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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Morgan funds may need more Deutsche cash
Article Abstract:
Deutsche Bank, which owns Morgan Grenfell, may be obliged to make further financing available for the latter's three funds which are currently in difficulties if any further funds are withdrawn. The funds have already seen redemptions totalling 230 million pounds sterling, and the number of investors has fallen from 90,000 to 75,000. However, Morgan Grenfell believes that the rate of redemptions will now slow down considerably.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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