Thursday, 7 May 2015
Last updated 10 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…