Latest in dispute that has flared at Davidson Kempner, giant hedge fund renowned for secrecy and lack of drama. Ex-partner Michael Herzog says CIO Tony Yoseloff operates with "uncontrolled power" and runs the $37b fund like his "personal family office." Story via @bloomberg.com shorturl.at/LQ5xu

Paresh Raja, the owner of collapsed mortgage lender Market Financial Solutions, allegedly used money borrowed from Wall Street banks to amass a personal property empire and a cash fortune of at least £408m, according to a lawsuit filed by administrators. Story via @bloomberg.com. shorturl.at/whUcf

Barclays says will recover +50% of £500m loan to MFS. Yet officials winding down the collapsed mortgage firm are far from certain on how much -- if anything -- can be recouped, citing allegations of widespread wrongdoing and limited access to information. Via @bloomberg.com. shorturl.at/1HffD

There's a brokerage in Turkey that - at times this yr - has been worth more on paper than some global investment banks. Its secret, analysts say, is murky layers of conflicts that have helped pump its stock price by 40,000%. Story w/Tugce Ozsoy and Ugur Yilmaz via @bloomberg.com shorturl.at/PNfba

Paresh Raja, founder of collapsed mortgage firm MFS, faces a £1.3b lawsuit from creditors, alleging these "missing monies" are "unaccounted for." His firm's alleged misdeeds are likely to lead to 'highly significant losses' for its Wall Street backers. Story via @bloomberg.com. shorturl.at/TDI3y

Barclays was replaced by Wells Fargo as a lender for a property portfolio assembled by Market Financial Solutions, days after the UK bank began freezing the now-collapsed mortgage firm’s accounts. Story w/Jonny Browning via @bloomberg.com. shorturl.at/iNymr

Davidson Kempner has quietly grown into one of the world's biggest hedge funds with ~$40b of assets and no drama. But ex-partner Michael Herzog has now filed suit in US and UK, alleging he was forced out after making whistleblower claims about CIO Tony Yoseloff's "misconduct." shorturl.at/oSFIL

60 Ennismore Gardens, a Knightsbridge townhouse that once counted Ava Gardner as a neighbor, is at the heart of the meltdown at UK lender MFS. Owned on paper by individual with close ties to MFS owner, it secured 2 Wall St-backed mortgages on the same day. shorturl.at/hvadP

Market Financial Solutions is under investigation by the Financial Conduct Authority, the first publicly disclosed action by authorities into the UK mortgage lender that collapsed owing billions to Wall Street lenders. shorturl.at/tEKF6

Just before Market Financial Solutions began to unravel amid allegations of fraud, Citi gave £100m funding line to another fast-growing UK mortgage lender: Interbridge Mortgages. MFS owner Paresh Raja is also one of the biggest shareholders of Interbridge. Story via @bloomberg.com shorturl.at/Dty5Y

The collapse of MFS, a UK mortgage lender accused of widespread fraud, has intensified concern over a growing problem in finance — what happens when lending is pushed out of the regulated banking system and into the shadows. Gift link below via @bloomberg.com. www.bloomberg.com/news/article...

Faced with a financial scandal that has ensnared some of the biggest names on Wall Street, I made the obvious move: catching a tube to the end of the Northern Line to eat a fry-up in a greasy spoon. Shoe-leather (and antacids) reporting on Market Financial Solutions here: www.ft.com/content/c522...

Latest from MFS saga: a company under control of MFS CEO Paresh Raja was allegedly used to siphon off funds from entities backed by Barclays and Castlelake. Raja denies wrongdoing, says claims based on wrong info, assumptions, yet adds 'mistakes have been made.' Via @bloomberg.com shorturl.at/p12GA

Fresh allegations emerge in the demise of MFS, the failed UK mortgage lender that had been backed by Wall St. Creditors allege they're facing a £1.3b shortfall and that the firm was lending to a network of companies linked to owner and CEO Paresh Raja. Story via @bloomberg.com shorturl.at/1UGCu

Had a lot of déjà vu while writing this story on the small accountancy firms that audited Market Financial Solutions' books (particularly to our coverage of Sanjeev Gupta and his Stakhanovite auditors King & King). Full story below www.ft.com/content/0d53...

Indian rapper Badshah. Dancers performing inside a glass dome. A vast collection of sporting and music memorabilia that has since disappeared. Behind the scenes at MFS, the UK lender backed by £2b+ of Wall Street loans that collapsed last week. Story via @bloomberg.com shorturl.at/VKdK6

Some creditors of MFS have warned that there may be a £930m shortfall in the collateral backing their loans as a result of so-called "double pledging" of assets. Story via @bloomberg.com. shorturl.at/EaUe8

With a lot of eyeballs on the collapse of Market Financial Solutions, it's worth reading this brilliant @bloomberg.com story from 2024. The MFS group was one of the biggest lenders behind the UK property empire of Bangladeshi politician Saifuzzaman Chowdhury. shorturl.at/GiLY3

As MFS hurtled toward collapse in London this week, the setting was new, but themes felt familiar...After failures of Tricolor and First Brands, MFS risks becoming latest obscure finance firm to saddle Wall Street banks with losses amid claims of fraud. Story via @bloomberg.com shorturl.at/ryK8G

Barclays, Atlas SP Partners and Jefferies are among Wall Street firms that provided more than £2b of loans to Market Financial Solutions, a UK mortgage-finance firm that collapsed yesterday amid allegations of financial irregularities. Story via @bloomberg.com shorturl.at/RN4RM

Norway's sovereign wealth fund fired a fund manager in Turkey to which it had allocated $600m. The move came soon after local regulators accused the firm - İstanbul Portföy - of arranging illicit stock trades. Story w/Kerim Karakaya via @bloomberg.com. shorturl.at/Oom70

Lars Windhorst, the embattled German financier who has faced multiple lawsuits in recent years, was sued in the US for allegedly failing to repay millions of dollars in debts arising from a bond deal with a firm in Dubai. Story via @bloomberg.com. www.bloomberg.com/news/article...

“Jes Staley tells me he is to see you a week from Monday… he is one of us,” wrote Jeffrey Epstein in a 2009 email to Sultan Ahmed bin Sulayem, chairman/CEO of DP World, one of most powerful execs in Dubai. Bleak story from @harrynwilson.bsky.social & team via @bloomberg.com tinyurl.com/yux7safm

Administrators winding down Argentex have walked away from a batch of volatile derivatives that helped cause its collapse. Most counterparties that were staring at a loss on the trades are off the hook - those that were profitable get a 98% loss. Story via @bloomberg.com shorturl.at/iLgo8

Wrexham AFC, the Welsh soccer club owned by Hollywood stars Ryan Reynolds and Rob McElhenney, has been ensnared in the collapse of FX brokerage Argentex. Story w/Greg Ritchie via @bloomberg.com, gift link below. shorturl.at/lqkqK

A UK lawsuit reveals an intriguing relationship meltdown between Elara Capital -- the obscure London fund accused by Hindenburg Research in 2023 of manipulating Adani Group shares -- and its lender Nomura. Story w/Jonny Browning via @bloomberg.com shorturl.at/xcvPw

After an exhaustive months-long search for a new chairman ended last year, HSBC has decided to keep a special advisor: the old chairman, Mark Tucker. He will remain in the bank's orbit even as he chairs rival AIA in Hong Kong. Story w/Harry Wilson via @bloomberg.com. Gift link: shorturl.at/942GK

'Get ready bro - sh!t's about to pop off.' An ex-Lazard banker is accused of tipping off an insider-trading ring to more than $60b of health-care M&A deals. They include some of the biggest deals that Lazard has worked on in the sector. Story via @bloomberg.com. Gift link: shorturl.at/gLCsp

Stenn, the Wall St.-backed invoice-finance firm, was owed ~$1b when it collapsed in Dec. 2024. This was supposedly made up of short-term invoices owed by big corps around the world. Yet admins have only tracked down £93m of it so far. Story via @bloomberg.com Gift link here: tinyurl.com/ycx5ad2j

Brian Kahn, a US businessman backed by banks inc. B. Riley and Nomura as recently as 2023, has pleaded guilty to defrauding investors out of hundreds of millions of dollars. Via @bloomberg.com. www.bloomberg.com/news/articles/2025-12-10/brian-kahn-pleads-guilty-to-defrauding-hedge-fund-investors

NEW investigative report: "Things will get really nasty." Hedge funds. Brokerages. Billionaires. Jeffrey Epstein’s financial ties on and off Wall Street were broader than previously known, a cache of emails @bloomberg.com obtained earlier this year reveals 🧵 www.bloomberg.com/features/202...

Wall Street banks lost $250m when they helped an unknown Ferrari-loving trader amass a $2.6b, 11,000/1 bet against US Treasuries. The bizarre story of Jan Ralph via @bloomberg.com www.bloomberg.com/news/features/2025-10-05/citigroup-goldman-mufg-among-banks-burned-in-2-6-billion-trade

Scoop by Todd Gillespie & me: Citigroup hired an outside law firm to investigate a senior executive, wealth mgmt head Andy Sieg, after multiple high-level people in his division complained about his behavior. The probe is over but the bank won’t disclose its results www.bloomberg.com/news/article...

Is it finally the beginning of the end for Sanjeev Gupta's steel operations in the UK? The British government is ready to step in and oversee an imminent insolvency of a crucial part of his Liberty Steel business if necessary, London’s High Court heard on Wednesday on.ft.com/3UA2WoX

Collapse of FX broker Argentex - which lacked treasury function, confusion at highest levels over reliance on high-risk 'zero-zero' trades - has tied up one of Nigel Farage's biggest patrons. www.bloomberg.com/news/articles/2025-08-20/fx-brokerage-implosion-ties-up-millions-owed-to-farage-backer

Takushi Sawada, fired by Nomura after regulators found he 'spoofed' the market for Japanese govt bonds, is blogging 'toilet graffiti' to defend himself. Story via @bloomberg.com. www.bloomberg.com/news/articles/2025-07-01/fired-nomura-trader-in-japan-turns-to-anonymous-blog-to-defend-himself

Blue Diamond, $2.2b Swiss hedge fund that bets on volatility, had its worst-ever month in April amid market rout triggered by Trump tariff plans. Story via @bloomberg.com. www.bloomberg.com/news/articles/2025-05-20/blue-diamond-fund-had-worst-ever-month-in-april-amid-tariff-rout

Argentex, the UK FX brokerage set up to help customers manage volatile currency swings, should have taken some of its own advice… www.bloomberg.com/news/articles/2025-04-25/fx-broker-argentex-nearly-felled-after-zero-zero-margin-dollar-trades

Blue Diamond, $2.5b Swiss hedge fund that seeks profit from volatility, lost almost fifth of its value during market rout triggered by US tariff plan. Story w/Nishant Kumar via @bloomberg.com. www.bloomberg.com/news/articles/2025-04-08/swiss-hedge-fund-blue-diamond-falls-17-as-volatility-bets-sour

CoreWeave, the cloud computing group seeking to launch a blockbuster $32bn IPO, violated several key terms of a $7.6bn loan last year, triggering a series of so-called technical defaults. Full details only in the FT, w/ @tabbykinder.bsky.social and @antoinegara.bsky.social on.ft.com/4c4F44x

A group of Wall Street firms gathered in Istanbul on Weds for meeting with top Turkish economist, prepared for presentation about steady lira, stable rates etc. Then they glanced at their phones. www.bloomberg.com/news/articles/2025-03-24/wall-street-s-embrace-of-turkey-unraveled-in-just-30-minutes

More ugliness in the invoice factoring market: Artis Finance, a recently collapsed trade finance firm majority-owned by TDR Capital executives, has told its lenders that key documents it sent them “misrepresented” the health of its portfolio. on.ft.com/3DukWvN

Steven Mnuchin and SoftBank's Vision Fund are weighing a deal to salvage Cybereason, a onetime Silicon Valley unicorn that has lost most of its value amid boardroom turmoil. Via @bloomberg.com www.bloomberg.com/news/articles/2025-02-27/softbank-mnuchin-weigh-deal-to-salvage-800-million-cyber-firm

Hyped fintech Stenn collapsed after lender HSBC unearthed $200m+ of 🤔 payments from a web of companies in places such as Serbia, whose names often seemed to ape those of big businesses. Lots of 🤯 detail here, including $$$ received from the company of a villager in rural China on.ft.com/3CHRe6g

B. Riley, the troubled investment firm, is in talks to replace Nomura as its main lender with Oaktree. Story via @bloomberg.com www.bloomberg.com/news/articles/2025-02-06/oaktree-in-talks-with-b-riley-to-replace-nomura-as-main-lender

Brevan Howard's main hedge fund lost 3% during 'tariff purgatory' in Jan., eroding 2024 gains and worst start to a year since Alan Howard founded it 20+ yrs ago. Latest via @bloomberg.com. www.bloomberg.com/news/articles/2025-02-05/brevan-howard-erases-most-of-2024-gains-as-currency-bets-sour

I spoke to vape shop owners in Louisiana, manufacturers in Texas and the world's biggest tobacco firms to report on a story which involves legal battles, regular raids and products seized at borders. Today's @bloomberg.com Big Take: www.bloomberg.com/news/feature...

I've spent the last few months digging into abuses at World Bank-financed private hospitals from Uganda to the Philippines. Working with colleagues we found widespread cases of patient detention, denial of emergency care and corpse retention. Free link here: www.bloomberg.com/news/feature...

B. Riley, troubled investment bank, files long-overdue 10Q filing. Reveals SEC is probing loans to founder Bryant Riley and dealings with bankrupt retail co. Franchise Group. Via @bloomberg.com www.bloomberg.com/news/articles/2025-01-14/b-riley-discloses-more-sec-subpoenas-to-firm-and-bryant-riley

Jefferies ousted team of advisers in Miami, alleging improper cash transfers, illicit communications. Another was fired for demanding payment from colleagues to stay quiet. www.bloomberg.com/news/articles/2024-12-19/jefferies-ousts-team-of-miami-wealth-advisers-over-improper-cash-transfers