Ex-Moore Trader Probed For Attempted Market Manipulation

Aug 23 2010 | 12:39pm ET

Almost four months after Moore Capital Management paid $25 million to settle attempted market manipulation charges, the previously unidentified portfolio manager at the heart of the case is unidentified no more.

According to The Wall Street Journal, the Moore man accused of trying to force the price of platinum and palladium futures contracts up in 2007 and 2008 is Christopher Pia, the hedge fund’s former head trader.

With the Moore case resolved, the Commodity Futures Trading Commission is now focusing on Pia, trying to determine if he did, in fact, try to “bang the close” on the metals futures on the New York Mercantile Exchange. The CFTC believes Pia was motivated to do so to boost both Moore’s returns and his own pay, the Journal reports.

Moore founder Louis Bacon forced Pia out in late 2008, after the CFTC probe began and the regulator questioned Pia. The New York-based hedge fund giant also settled charges that it failed to properly supervise its trading operations, but notes that no one other than the previously unidentified trader has been accused of any wrongdoing.

Pia has since gone on to found his own hedge fund, Pia Capital Management. The Greenwich, Conn.-based firm has about $500 million in assets under management.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    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…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.