ETF News

CORRECTED-Disgraced NY lawmaker joins Superfund-report(April 23)

(Corrects erroneous reference to Securities and Exchange Commission action regarding Superfund; corrects company description in 1st and 3rd paragraphs to show it does not offer hedge funds; Headline changed to conform)

NEW YORK, April 23 (Reuters) - Vito Fossella, a former U.S. congressman representing sections of New York until a drunk driving conviction last year, has joined controversial fund company Superfund Investment Group, the Staten Island Advance reported this week.

The community newspaper, citing unnamed sources, said Fossella’s role at the firm was not known. Superfund officials and Fossella were not available for comment.

Superfund is a managed futures investment firm that wants to make hedge fund strategies available to the masses. Founder Christian Baha, a former Austrian police officer and college drop-out, stars in television commercials that poke fun at his inability to pronounce “investor.”

Superfund says its fund, Superfund Q-AG, has generated net returns of more than 500 percent since inception, the paper said, citing the firm’s website.

Fossella, a Republican who represented the Staten Island section of New York for 12 years, did not seek re-election to the U.S. House of Representatives last fall after a drunk driving arrest in Virginia led to revelation he had fathered a child with a Virginia woman.

Fossella last Friday reported to an Alexandria, Virginia, jail for a 4-day stint related to the drunk-driving conviction. (Reporting by Joseph A. Giannone; Editing by Richard Chang)