first_imgDespite Wednesday’s expected high of 31 degrees, the Siegfried Hall Ramblers will be wearing only T-shirts, shorts and flip flops as part of their annual Day of Man. The event aims to promote solidarity with the homeless — many of whom do not have adequately warm clothing during winter months — and collect funds for the South Bend Center for the Homeless, junior Michael Hernick, Day of Man co-commissioner said.“Last year we raised $22,000, so I mean, our goal for this year is to beat that again,” junior Isaac Althoff, Day of Man co-commissioner, said. “That was $9,000 over our previous record, so [to] just keep pushing the record up there is always the goal.”Siegfried Hall president, sophomore Sam Bishop, participated in the Day of Man last year and said the event is “a lot of fun” despite the cold temperatures.“Probably my best memory is standing outside of South Dining Hall for an hour in the freezing cold, and I was dressed as a banana and we had some funny signs, and just having a lot of fun with the passersby and people laughing at us,” Bishop said. “It hurts because it’s very cold. Your fingers and toes start to hurt, but it’s worth it.” Hernick said when he participated in the Day of Man during his freshman year, the temperature was between 15 to 20 degrees, and it was “snowing sideways.”“I remember I was standing outside [LaFortune Student Center] with one of my friends, and then on the way back, it was really cold out, obviously,” Hernick said. “We decided to sprint back to Siegfried, and then he slipped and dropped his cup, so I had to stand there in the cold helping him pick up all his money. … I felt like my fingers were about to fall off, and I was really mad at the moment, but it’s a good laugh now.”The Day of Man gives Siegfried students the opportunity to bond, Althoff said.“It’s definitely an event that everyone looks forward to,” Althoff said. “People wake up in the morning and they cut their shirts and make them even more scanty. It’s just a big group thing.”Bishop said suffering in the cold helps the men of Siegfried empathize with the homeless and gives them a sense of perspective.“It definitely bonds us because one of the main points of Day of Man — maybe the most valuable thing in it — is an expression of solidarity with the poor, with those who are exposed,” Bishop said. “In expressing that solidarity with them, we are also expressing it with each other. So we suffer together, we stand outside together. We do all of it together for others.”According to Hernick, raising awareness of homelessness is necessary, and a group from Siegfried volunteers at the Center for the Homeless every Saturday.“The goal of the whole day is obviously to raise some money, but it’s also to raise awareness and to work really hard this one day so that people think about homelessness, and think about the problems it poses a little more the other 364 days of the year,” he said.Tags: Center for the Homeless, Day of Man, Siegfried Halllast_img read more

first_imgFalcon Funds, a Malta-based asset manager, is being investigated by the Swedish Economic Crime Authority (SECA) after allegations that it has defrauded 22,000 Swedish pension investors of hundreds of millions of Swedish krona. Falcon had been accused by the Swedish Pensions Authority (SPA) of “deceitful and fraudulent actions in relation to Swedish pension savers, carried out by insurance intermediaries or call centre companies”.The three sub-funds – cautious, balanced and aggressive – in the Falcon Funds SICAV had previously been registered as eligible UCITS funds in the Swedish Premium Pension System.Premium Pension savings made up virtually all of the sub-funds’ assets. The sub-funds were managed by Malta-based Temple Asset Management (TAM), although Falcon has not only rescinded the contract but is now suing TAM.The SPA launched its own probe into Falcon in late 2015 and subsequently de-registered the sub-funds, with most of the investors’ interests moved to AP7’s Såfa default option.The Swedish regulators also issued a redemption order in June 2016 for the return of investors’ capital from the company.So far, nearly SEK1.3bn (€136m) has been returned, out of the SEK2.4bn total value of the sub-funds at the time of the order. Mikael Westberg, chief legal counsel at SPA, said it was likely that investors would receive a significantly lower net asset value than that currently displayed in the accounts of the individual sub-funds.He said: “This is due to the fact Falcon Funds made harmful investments and exaggerated the value of the funds.”It was late last year when the SPA asked SECA to investigate Falcon, after it refused to return all the investors’ money.There were allegations that the company had unlawfully defrauded pension savers to put their savings into its funds, and that the investment policies of the funds were not sound.Falcon was also accused of conflicts of interest in investing savers’ money.A key player appears to be Emil Ingmanson, a Swedish businessman who acted as an introducer for Falcon Funds to the SPA, and who is also being sued by Falcon Funds. Ingmanson has been linked by the SPA with improper behaviour in relation to the sub-funds’ investments in exchange-traded instruments (ETIs).The SPA said: “The Agency strongly suspects that Falcon Funds has chosen to invest in the ETIs due to a business relationship with Mr. Ingmanson, which constitutes a serious conflict of interest.”It added: “The Agency concludes that the instruments’ design may be purposely non-transparent in order to veil any further analysis of the underlying assets and the risks connected to an investment in the ETIs.”Arne Fors, the SECA prosecutor leading the investigation team, told IPE: “We don’t know what some of the underlying assets are within the Falcon funds, so we have to look into that. There are also questions about the different companies involved, and we need to inspect their accounts to see where the money went.”Fors also said that three individuals so far had been identified as suspects, but declined to name them. No charges have yet been brought, against corporations or individuals.But depending on the outcome of the investigations, court action could follow.Fors said: “If a crime has been committed in Sweden, then legal action would be brought in Sweden. But if the crime was committed only in Malta, proceedings would only take place there.”Meanwhile, the Malta Financial Services Authority (MFSA) has appointed KPMG Malta to run Falcon Funds in place of the company’s own management.Last September, the MFSA had backed the SPA’s demand for the return of investors’ capital, ordering Falcon to comply with EU regulations.Westberg said: “We are still in a very serious situation, and it has been made worse due to the fact Falcon Funds has been left without management for several months. Therefore, we are pleased that Falcon Funds will now be subject to proper management and that we now finally can expect an orderly redemption of the remaining assets.”Westberg continued: “Up until now, Falcon Funds, under the supervision of the board of directors, has inflicted serious damage on both Swedish pension savers and the Swedish pension system.”And he concluded: “Our work on this matter will therefore continue with full force, with the objective to get as much money back as possible. We will also hold those responsible for this accountable and we will consider all available legal options.”last_img read more