Sunday, 29 March 2015
Last updated 1 day ago
Oct 10 2012 | 12:25pm ET
Hedge fund Japan Advisory will have a hearing in its fight against the death-sentence imposed by Japanese regulators next week.
Japan's Financial Services Agency scheduled the rare administrative law hearing for next Wednesday. The regulator is not often challenged when it levies punishment against market participants.
The FSA in June revoked Japan Advisory's license and fined the hedge fund in June, accusing it of insider-trading. Japan Advisory's founder, American Brogan, left Japan three days afterwards. But Japan Advisory, which said it had "temporarily closed," quickly announced that it would contest the FSA charges.
Brogan has not been charged with any wrongdoing. But the FSA found that Japan Advisory short-sold about US$6.8 million of Nippon Sheet Glass shares in August 2010, four days before the company announced it would sell new shares to raise capital. Regulators think that a former employee at Daiwa Securities Group—one of the Nippon Sheet Glass offering's lead bookrunners—passed the tip; Daiwa has apologized.
The FSA has said it will present "solid evidence" at the hearing; it took the unprecedented step of issuing a directive to a dozen banks seeking information about possible leaks to the hedge fund.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…