Thursday, 18 September 2014
Last updated 14 min ago
Jan 26 2010 | 6:13pm ET
Two hedge fund managers implicated in the Galleon Group insider-trading scandal, including one that formerly worked at SAC Capital Advisors, have settled Securities and Exchange Commission charges.
Ali Far and Richard Choo-Beng Lee, founders of the now-defunct Spherix Capital, agreed to pay $2.1 million to settle the SEC’s lawsuit. The two have already pleaded guilty to criminal charges and are cooperating with prosecutors in a case that has snagged 21 people, including Galleon Group founder Raj Rajaratnam.
U.S. District Judge Jed Rakoff must approve the settlement, which includes the disgorgement of all illegal profits from insider-trading, the SEC said.
According to Lee’s cooperation agreement with the government, he has been trading on non-public information since 1994, including during his stint at SAC, which ended in 2004. Neither SAC nor anyone still working for the Stamford, Conn.-based hedge fund giant have been accused of any wrongdoing in the case.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.