Hedge fund manager hit by fraud

Remember Guy Wyser-Pratte? He ran Bache's arbitrage unit for something like 20 years before striking out on his own. He's still a well-known activist investor, especially in Europe, where he has really ruffled feathers. But he's in the New York Times for a different reason: his JPMorgan Chase account has been hit by theft. Someone has stolen more than $300,000 from the account in a series of small transfers. He was told he had to start a new account--a hassle. And then the bank decided it would cover only $50,000 of his loss, which likely prompted a call to the media. Last month, a vice president in the private bank's Latin American unit was arrested and indicted for embezzling more than $5 million from private banking clients. But Wyser-Pratte's theft was unrelated.

For more:
- here's the article