Hedge fund manager Corey Ribotsky recently sent a letter to his investors in his NIR Group telling them he has been the subject of "rumor and innuendo" and that his firm did nothing wrong.
Ribotsky wrote to his clients -- a relatively rare occurrence -- nearly a year after the initial disclosure that his $750 million hedge fund was being investigated by federal prosecutors for allegedly inflating returns.
"We are forwarding this letter in order to attempt to alleviate some of the concerns you may have," Ribotsky said in the Jan. 14 letter to investors in his Roslyn, New York-based fund. "We do not believe NIR has engaged in any wrongdoing, and NIR continues to cooperate fully in the governmental investigation."
Ribotsky, in his Jan. 14 investor letter, said the suspension of redemptions in 2008 was necessary to preserve the fund. He likened himself to a "captain" navigating a ship through a terrible storm and expressed dismay at how his name "has been maligned in the press."
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