Carbon Investment Partners closed after one of its partners, Lee Bressler, lost on extremely leveraged trades on Tesla and Amazon. An arbitrator found that Jefferies' prime brokerage helped him do it.
A trader watches the screen in his terminal on the floor of the New York Stock Exchange in New York October 15, 2014.An arbitrator ruled that Jefferies helped Lee Bressler, one of three partners in an Oklahoma-based hedge fund, create side accounts and make extremely leveraged trades that eventually forced the fund to close.
The fund, Carbon Investment Partners, closed after Bressler took positions that were"in excess of 100% to 3,000%" of the fund's total assets, the new filing states.An arbitrator found that Jefferies helped a hedge fund trader create side accounts invisible to the hedge fund's other partners and take massive positions that violated the bank's internal risk limits.
Nagel and Bradford were awarded more than $16 million by the arbitrator, to be paid by Bressler. Jefferies was not a listed defendant in the suit. Separately, there is a FINRA arbitration ongoing between Jefferies and the fund over a $2.4 million deficit that Bressler left in the fund's account with Jefferies.
Jefferies, the ruling states, enjoyed increased commission revenues from Bressler's large trades that he called"bet my career" positions.
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