A Senate Candidate’s Hedge Fund Disaster

“President Trump’s favored Senate candidate in Alabama, Tommy Tuberville, is known for his career as a college football coach. But he also had a brief stint as co-owner of a hedge fund. It did not go well,” the New York Times reports.

“A little more than a decade ago, after departing from Auburn University where he was head coach, Mr. Tuberville entered into a 50-50 partnership with a former Lehman Brothers broker named John David Stroud. Their ventures, which included TS Capital Management and TS Capital Partners — T for Tuberville and S for Stroud — turned out to be a financial fraud. Mr. Stroud was sentenced to 10 years in prison, and Mr. Tuberville was sued by investors, who accused him of fraud and violating his fiduciary duty to take care of their investments; he reached a private settlement in 2013.”