Friday, 21 November 2014
Last updated 13 hours ago
Feb 18 2010 | 2:05am ET
Hedge fund manager Philippe Jabre has lost the dubious distinction of being handed the largest fine in Financial Services Authority history.
The British regulator yesterday imposed a £967,005 fine on Mehmet Sepil, CEO of Turkish oil company Genel Enerji, for alleged insider-trading. That’s almost one-third more than the £750,000 it fined Jabre, then at GLG Partners, for market-abuse in 2006.
According to the FSA, Sepil bought shares of Heritage Oil after receiving a tip that the company had found a sizeable oil well in Iraq. One day later, Heritage announced its find, sending its shares up by a quarter and earning Sepil a £267,000 profit.
The FSA also fined two other Genel executives, chief commercial officer Murat Ozgul and exploration manager Levent Akca.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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