“Stand Down!” – How One Navy Seal Killed A Multi-Billion Hedge Fund

Featured Story

It has now been revealed that the fall of Dan Kamensky’s Marble Ridge Capital was at the hands of a former Navy SEAL, turned trader.

Joe Femenia, the head of distressed-debt trading at Jefferies Financial Group, is the man who was outlined in court filings as having taped conversations that brought the hedge fund down, according to Bloomberg. The fund fell after Kamensky urged Femenia to not submit a bid for part of bankrupt retailer Neiman Marcus.

Jefferies and Marble Ridge had been involved in a standoff regarding Neiman Marcus, as they both sought to bid for a portion of the company’s online business, MyTheresa. 

Femenia sounded the alarm on the dubious tactic and raised the issue with a U.S. trustee. Highlighting the issue forced Kamensky to acknowledge he had committed a “grave mistake” and forced him to ultimately shut down his fund. 

Legal filings show Kamensky telling Femenia to “Stand DOWN”. Probably not a bright thing to say to a Navy SEAL…Photo: Bloomberg

They continued with Kamensky telling Femenia: “DO NOT SEND IN A BID.” This was followed by a “confrontational” phone call between the two, according to court filings. 

Femenia took the altercation to Jefferies’ general counsel, who then disclosed it to an official creditor committee that was supervising the sale. Kamensky then urged Femenia, on a second phone call, to “treat the conversation off the books”. He also urged Femenia to “change his recollection” of how their first call went but, by then, Femenia was recording the call. 

Kamensky pleaded: “[I]f you’re going to continue to tell them what you just told me, I’m going to jail, OK? Because they’re going to say that I abused my position as a fiduciary, which I probably did, right? Maybe I should go to jail. But I’m asking you not to put me in jail.”

Receive a daily recap featuring a curated list of must-read stories.

Veteran trader Eric Rosen said: “I have known Joe and always found him to be an honest, upstanding guy and a straight shooter. He risked his life for our country and he seems to have done the honorable thing here.”

Femenia’s track record includes graduating from the U.S. Naval Academy before being a SEAL and spending “much of his 20s” fighting in Afghanistan and Iraq. He previously worked at the elite trading group at Goldman Sachs before moving to Jefferies in 2016

StevieRay Hansen
Editor, BankstersCrime

God often uses men who are not of the best moral character. Pharaoh, Nebuchadnezzar, Cyrus, Herod, and Trump (amongst others), to accomplish His will in events He orchestrates during human history. We either trust the sovereignty of God or we don’t. Nothing happens apart from Him…

The best index to a person’s character is how he treats people who can’t do him any good, and how he treats people who can’t fight back…

The Birth Pains Are Growing Stronger….

One of the signs of ruling class collapse is when they can no longer enforce the rules that maintain them as a ruling class. When the Romans started making exceptions to republican governance, it was a matter of time before someone simply decided the rules no longer applied to them. Perhaps the robot historians will consider Obama our Marius or Sulla. Maybe that person is in the near future. Either way, the rule of law is over and what comes next is the rule of men.

“Don’t piss down my back and tell me it’s raining.” Outlaw Josey Wales

WE NOW LIVE IN A WORLD THAT IS PURE FABRICATION

Don't Miss

Former Deutsche Bank Traders Convicted Of Fraud For Spoofing Precious Metals Between 2008 And 2013

By StevieRay Hansen

Former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted for manipulating gold and silver prices on Friday after three days of deliberation…

Read More

“An Extremely Dangerous Game” – Central Bankers ‘Extend & Pretend’ Has Increased Risk Of “Catastrophic Collapse”

By StevieRay Hansen

In recent weeks, there has been a lot of talk about the role of the world’s central bankers going forward. With that in mind, now seems like…

Read More

‘There Is No Monopoly Here:’ Tim Cook Welcomes Antitrust Investigation of Apple

By StevieRay Hansen

Speaking at the Atlantic Festival recently, Apple CEO Tim Cook discussed the antitrust issues that the tech giant is facing amongst a number of other…

Read More

Traders On Edge As Futures Fail To Rebound After Wednesday Rout

By StevieRay Hansen

US equity futures were subdued and European stocks rebounded from an early selloff as markets tried to stem the Wednesday rout sparked after a range…

Read More

WIrecard’s Business ‘Almost Entirely Fraudulent’, Auditors Uncover $1BN Loss, Report Finds

By StevieRay Hansen

Carmine Di Sibio, the international chairman of EY, said in a letter to clients published earlier thsi month that  while he “regrets” the firm’s staggering lapse…

Read More

How Big Banks Have for Years Engaged With Dirty Money, While the Working Class Struggle

By StevieRay Hansen

It Is the Elitist Way of Doing Things and the New World Order Will Even Be More Corrupt… The agency, which operates under the Treasury…

Read More

Deutsche Bank Trader Prosecuted By DOJ Was A London Gold And Silver Fixer

By StevieRay Hansen

This is just the beginning of corruption that will be exposed in the months ahead, more bankers will be headed to prison soon… ‘Beginning in at…

Read More

Stocks Suffer Longest-Losing Streak In Over A Year As Dollar Dump Continues

By StevieRay Hansen

Stocks are down for the 3rd week in a row – yeah we know!!! – leaving levered-call-buying RH’ers facing something they likely haven’t seen in their…

Read More

Ex-JPMorgan Trader Sentenced To 8 Months In Prison For FX Bid-Rigging

By StevieRay Hansen

Two years after former HSBC head of currency trading, Mark Johnson, became the first person to be convicted in a global crackdown of currency rigging…

Read More

Markets Will Crash within Days, Pull Out!

By StevieRay Hansen

But, but, but… The ‘very successful’ IPO of Snowflake now has everyone who bought after its release yesterday now underwater… The Nasdaq is leading the…

Read More

StevieRay Hansen

Leave a Comment