Friday, 24 April 2015
Last updated 6 hours ago
Dec 14 2011 | 3:55am ET
The Securities and Exchange Commission has ended a three-year-long probe into alleged market manipulation by hedge funds SAC Capital Advisors and Kynikos Associates.
The regulator about a month ago informed the two firms that it was ending the investigation and would not bring enforcement actions against them, Reuters reports. The letters from the SEC have not been made public.
The SEC began its probe in 2008, two years after Canadian insurer Fairfax Financial Holdings sued SAC, Kynikos, Third Point and Exis Capital Management. Fairfax alleged that the hedge funds conspired to drive down its share price and engaged in insider-trading.
The end to the SEC’s probe isn’t good news for Fairfax: One of the regulator’s first moves was to subpoena all of the e-mails and trading reports the hedge funds had provided to Fairfax as part of discovery in the company’s civil suit, meaning the SEC likely did not find the evidence especially damning. In September, a New Jersey judge threw out Fairfax’s lawsuit against SAC; the other hedge funds are now petitioning to have the cases against them dismissed, as well.
In October, Exis’ Adam Sender complained that Fairfax’s “frivolous” litigation has caused “immense” damage to his firm.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…