Perry Capital Receives Wells Notice

Jan 13 2006 | 8:59pm ET

The Securities and Exchange Commission is considering taking action against hedge fund Perry Capital in relation to the firm's trading shares of pharmaceuticals company Mylan Laboratories Inc.

According to a statement released by Perry Capital on Wednesday, a Wells notice was recently sent to the firm's founder, Richard Perry, who was formerly with Goldman Sachs.

Carl Berg, a portfolio manager at Perry, also received a letter from the SEC, saying that regulators are recommending legal action against the firm.   The SEC believes that Perry Capital's trading of Mylan shares may have violated certain provisions of federal securities laws, including Sections 10(b) and 13(d) of the Securities Exchange Act of 1934, Perry said in its statement.

The hedge fund, which has $10 billion is assets under management, claims that is has done nothing wrong and plans to respond to regulators.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...