Thursday, 8 October 2015
Last updated 3 hours ago
Apr 23 2010 | 11:30am ET
A former private equity executive had pleaded guilty to insider-trading on information he received from his brother-in-law, a former hedge fund executive.
King Chuen Tang admitted both to passing on confidential information as well as receiving it. The former Friedman Fleischer & Lowe CFO said he received—and traded on—insider information about Acxiom Corp. from his brother-in-law, then-ValueAct Capital CFO Ronald Yee. In addition to passing on Yee’s tips about Acxiom, Tang also admitted to passing on a tip of his own about mattress company Tempur-Pedic International.
Tang pleaded guilty to insider trading and conspiracy in San Francisco federal court. He faces up to 25 years in prison when he is sentenced on Sept. 16; until then, he is free on bail.
According to prosecutors, Tang and his circle made about $5.5 million on the illegal trades.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…