¶ We’re starting a collection of fiduciary failures. What we’re really interested in is the collapse of New York City Opera, which so far as we could make out when we weren’t paying close attention owed not only to an irresponsible — but we’d better not voice our suppositions; they might be libelous. We’ll have to begin with the sad tale of Mark Spangler, who appears to have had every advantage in life, and to have done well with it until he surrendered to an entrepreneurial urge. Which may have damaged only Spangler himself if he had not controlled other people’s investment funds. Paul Sullivan reports at the Times.

As Mr. Spangler’s failures mounted, he began dipping into the privately managed mutual funds — with names like Growth and Income — that he had for his more risk-averse clients. Those funds had been managed by outside advisers until 2003, when he decided to manage them himself. He told clients that this would save them on fees, but it really removed third-party oversight of his dealings. By the end, he had diverted the bulk of his clients’ money — some $43 million — to TeraHop, where he had become the chief executive, and Tamarac.

This entry was posted on Monday, November 18th, 2013 at 4:09 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.