GOSSIP: Today’s Wall Street Buzz in 60 Seconds

Zvi Goffer

Goldman Sachs will shutting down its Global Alpha hedge fund at the end of October.Monroe Beachy, 77, who was dubbed earlier this year as the “Amish Bernie Madoff,” has been officially charged with defrauding thousands of Amish residents with his Ponzi scheme. 

John Bennett, a movie producer, and Scott Allen, a former pension actuary at Mercer, the large human-resources consulting firm, were both charged for their involvement in an insider trading scheme that reaped more than $2.6 million.

Hong Kong hedge fund Oasis Management and its chief investment officer Seth Fischer were each fined HK$7.5 million (US$960,000) by the city’s securities regulator for alleged market manipulation.

Last month, Galleon group trader Zvi Goffer wrote a letter to prosecutors acknowledging his wrong-doing and asking for a lesser prison sentence for his involvement in the insider trading scandal.  They responding saying his “newfound humility rings hollow.”

Steve Eisman’s top investment staffers from the now-defunct FrontPoint Partners have started a new hedge fund called Seawolf and they’re doing it without their former boss.

UBS employee Kweku Abodoli was arrested today in London for alleged rogue trading that lost the embattled Swiss bank $2 billion.

Here’s how a UBSer put it:”A bunch of employees that were staying put anticipating a bonus just got sacked in the nuts.” 

In the past two days, both Leon Cooperman and Ray Dalio have referenced Hitler regarding the current U.S. political and economic situation.

Morgan Stanley’s chairman John J. Mack will be stepping down from his post at the end of the year.