Dec 13 2012 | 2:18pm ET
Hedge fund Tiger Asia Management pleaded guilty to criminal fraud charges, with founder Bill Hwang admitting that the fund engaged in insider-trading.
Tiger Asia, which has been in hot water for the trades in the stocks of two Chinese banks in Hong Kong for three years, agreed to forfeit more than $16 million to settle the criminal case. The firm, which in August began to return outside capital, was also sentenced to a year of probation.
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