Friday, 29 August 2014
Last updated 12 min ago
Mar 1 2007 | 8:12pm ET
The Securities and Exchange Commission has charged fourteen defendants, some representing Wall Steet’s crème de la crème and a few hedge funds, with insider trading. According to the SEC, these insiders allegedly serially traded on material, nonpublic information tipped, in exchange for cash kickbacks, by other insiders at UBS Securities and Morgan Stanley.
In one scheme, which has allegedly been ongoing since 2001, at least eight professionals, three hedge funds, two broker-dealers and a day-trading firm made thousands of illegal trades and millions of dollars in profits using inside information misappropriated by a UBS executive to trade ahead of UBS analyst recommendations.
In a second scheme, several securities professionals and a hedge fund made dozens of illegal trades and hundreds of thousands of dollars in profits using inside information misappropriated by an attorney at Morgan Stanley to trade ahead of corporate acquisition announcements. Collectively, the SEC alleges that the defendants made at least $15 million in profits from these two insider-trading schemes.
The hedge funds in question include Lyford Cay Capital, a hedge fund at Bear Stearns, Q Capital Investment Partners and Chelsey Capital.
The SEC's complaint seeks permanent injunctive relief, disgorgement of illicit profits with prejudgment interest, and the payout of civil monetary penalties.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...