Wednesday, 17 December 2014
Last updated 9 hours ago
Aug 9 2011 | 12:47pm ET
Another hedge fund has been ensnared in another insider-trading scandal.
Father and son H. Clayton and Drew Peterson pleaded guilty to securities fraud and conspiracy charges on Friday. And Drew Peterson, who is cooperating with prosecutors, admitted to tipping off a hedge fund, which, in turn, made $4.6 million in allegedly ill-gotten profits on the information.
The Denver-based hedge fund was not identified in either the criminal complaint or the Securities and Exchange Commission lawsuit. But it was notified in advance about oil-and-gas company Mariner Energy’s acquisition by Apache Corp. in April 2010.
Drew Peterson told the hedge fund manager that his father, a Mariner director, “had recently attended Mariner board meetings and something good was going to happen for Mariner.”
In addition to the $4.6 million the hedge fund manager earned for the fund, he made $130,000 for himself and $305,000 for his relatives. The Petersons earned $2.7 million on the insider information.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.