Wednesday, 3 June 2015
Last updated 10 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…