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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...