Wednesday, 17 September 2014
Last updated 14 hours ago
Apr 12 2010 | 12:58pm ET
A Woori Investment & Securities executive has been charged with illegally trading natural gas and heating oil futures at his employer’s expense.
Kuen Cheol Song, who works for Singapore-based hedge fund Woori Absolute Partners, made a series of non-competitive, fictitious trades between his personal account and the hedge fund, according to the U.S. Commodity Futures Trading Commission. The scheme has allegedly earned Song more than $348,000 since August—costing Woori the same amount.
Song, a Singapore national, is a director of Woori Absolute. A federal judge has frozen some of Song’s assets and issued an injunction barring him from destroying records or keeping the CFTC from perusing his books.
While Song is not and has never been registered with the CFTC, the allegedly illegal trades took place on the New York Mercantile Exchange.
The regulator is seeking restitution, civil penalties, and a trading and registration ban against Song. A hearing on a preliminary injunction is scheduled for next week.
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…
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