“Canarsie Capital has a grim message for clients: ‘a series of transactions over the last several weeks that have resulted in the loss of all but two hundred thousand dollars.’ Juliet Chung and Susan Pulliam report that Canarsie, named for the east Brooklyn neighborhood, told clients on Tuesday that the $60 million hedge fund lost all but $200,000 of its assets in about three weeks. Owen Li, a 28-year old former Galleon Fund Management trader, reportedly ran the firm with Kenneth deRegt, former head of risk management at Morgan Stanley. The Journal reports that Canarsie’s prime broker repeatedly expressed concerns about the firm’s risk-taking.”
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