Thursday, 24 July 2014
Last updated 14 hours ago
Jun 8 2012 | 12:20pm ET
Two Denver hedge fund managers and their tipster have settled insider-trading charges with the Securities and Exchange Commission.
Drew Brownstein, Drew Peterson and H. Clayton Peterson agreed to pay $4.7 million, the SEC said. Much of that total has already been covered by forfeitures in the criminal cases against the trio, but Brownstein and his Big 5 Asset Management hedge fund were levied a further $2 million.
Brownstein is currently serving a year in prison for trading on a tip from H. Clayton Peterson through Drew Peterson. The elder Peterson served on the Mariner Energy board of directors, and told his son that the company was about to be acquired by Apache Corp. Brownstein earned $2.5 million for Big 5 and members of his family on the tip. The Petersons received house arrest and probation for their participation in the scheme.
Brownstein now owes the SEC $130,671, in addition to the roughly $2.4 million in disgorgement still owed by Big 5.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…