Saturday, 28 November 2015
Last updated 1 day ago
Jul 1 2011 | 12:39pm ET
Level Global Investors, one of the now-defunct hedge funds caught up in the Justice Department's crackdown on expert networks, has settled separate Securities and Exchange Commission allegations.
The $3.5 billion firm, which said in February it would shut its doors, agreed to pay $3.2 million to resolve allegations that it "shorted into the deal" twice with financial stocks. According to the SEC, Level Global earned $2.68 million covering their shorts of Goldman Sachs and Regions Financial Corp. in public offerings. The SEC's Rule 105 forbids firms from participating in such offerings within five days of shorting a stock.
The hedge fund did not admit or deny any wrongdoing.
Level Global likewise said it did nothing wrong in the insider-trading probe. But that wasn't enough to save the firm, which was inundated by redemption requests after the Federal Bureau of Investigation raided its offices in November.
Ironically, a Goldman Sachs private equity fund, Petershill, owned a minority stake in Level Global.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…