Lawyer for the director of the failed hedge fund Logicap: “My client suffers from delusions of grandeur”

Earlier this week, Gal Amiel, director of the small Israeli hedge fund Logicap, sent an apology letter to investors, saying that he had lost all their money on the exchange.

LogicCap, previously billed as a “pioneering stock market trading hedge fund,” specialized in algorithmic trading. The fund worked on two main strategies: daily algorithmic trading and long-term investments. While the fund has posted impressive positive returns in previous reports, the situation has changed dramatically in recent weeks.

“To my deepest regret, I do not have good news for you today. I sincerely apologize for having to inform you that as part of the investment I made on your behalf, I lost everything. I tried my best “recovered the losses, but was unable to,” reads the notice sent to investors.

Amiel disclosed to his investors that he was struggling with serious psychiatric problems, and his lawyer emphasized that his client suffered from manic depression and delusions of grandeur, which were affecting his business judgment.