Diamondback Settles SEC Lawsuit

Sep 1 2011 | 12:01pm ET

Diamondback Capital Partners and a former hedge fund manager at the firm have settled Securities and Exchange Commission charges stemming from insider-trading allegations against the latter.

Greenwich, Conn.-based Diamondback, which says it was never accused of any wrongdoing, agreed to pay $1 million in illegal profits it earned on Anthony Scolaro's trades. Scolaro pleaded guilty last year to participating in the Galleon Group insider-trading ring; that guilty plea led to Diamondback's offices being raided by the Federal Bureau of Investigation in November.

That raid, in turn, has contributed to more than $1 billion in redemption requests.

Scolaro settled the civil charges against him for $203,400.


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