Friday, 27 November 2015
Last updated 1 day ago
Jul 11 2011 | 11:35am ET
Defunct hedge fund Fontana Capital has settled Securities and Exchange Commission charges that it illegally short-sold three financial stocks.
Boston-based Fontana, led by former SAC Capital Advisors trader Forrest Fontana, agreed to pay more than $900,000 without admitting or denying the charges. According to the SEC, the hedge fund earned more than $800,000 in illicit profits three years ago short-selling the three stocks within five days of a public offering in which Fontana participated. The SEC's Rule 105 prohibits such trades to prevent market manipulation.
The SEC had accused Fontana of making more than $1 million on the trades in Merrill Lynch, XL Capital and Wells Fargo securities in January. At the time, Fontana's lawyer called the violations "isolated, inadvertent, technical."
Fontana ceased managing outside money last year.
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…