Sunday, 21 September 2014
Last updated 1 day ago
Apr 13 2010 | 9:32am ET
Trading firm Schottenfeld Group and the Securities and Exchange Commission have implored a federal judge to approve the former’s settlement of the latter’s charges related to the Galleon Group insider-trading scandal.
In a joint letter, the two sides sought to assuage U.S. District Judge Jed Rakoff’s demand for more information, detailing the questionable trades and explaining the relationship between the allegedly illicit profits earned by Schottenfeld and the civil penalties imposed by the SEC.
Schottenfeld agreed to pay a $230,238 fine, part of a $763,000 settlement with the regulator. But Rakoff refused to approve that deal last week despite saying it “does not appear unreasonable on its face,” insisting on “further information.”
Schottenfeld settled a second SEC lawsuit two weeks ago, a pact that received U.S. District Judge Richard Sullivan’s acquiesce without further ado.
Three Schottenfeld employees are among the 21 people charges in the Galleon case.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.