A former prominent Sydney banker linked to the collapse of an $833 million hedge fund had previously pitched another foreign exchange trading strategy to investors that projected annual returns of 30 per cent with minimal downside risk.
A former business associate said Ashish “Hash” Patel, 53, who spent several years in Merrill Lynch Australia’s investment banking business in Sydney in the early 2000s, had tried to pitch him a strategy called the “Quant Spread System”, described as a “capital protected, long-short FX trading system with consistent monthly returns”.
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