CFTC Accuses Woori Hedge Fund Exec. Of Illegal Trading

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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...