Hong Kong Regulators Sue Tiger Asia

Jul 12 2013 | 3:06am ET

Having won the right to sue the defunct Tiger Asia Management for insider-trading, Hong Kong's Securities and Futures Commission is exercising it.

The SFC brought fraud charges against the New York-based firm, founder Bill Hwang and executives Raymond Park and William Tomita. The defendants are charged with trading on confidential information about two Chinese banks in 2008 and 2009, allegations that parallel those Tiger Asia pleaded guilty to in the U.S. in December.

Tiger Asia closed last August.

The SFC's case has been a long time in coming: The regulator first brought charges in 2009, but the hedge fund successfully argued that the SFC could not sue it or seek to have its principals barred without a tribunal or criminal court filing. Since Tiger Asia was based in New York and had no physical presence in Hong Kong, a criminal case was all-but-impossible to bring.

But Hong Kong's highest court ruled in May that the SFC was permitted to file the charges even without a tribunal or criminal-court finding. The city's Market Misconduct Tribunal will now determine whether Tiger Asia and its executives will be barred from trading, as well as potential monetary penalties.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Controlling With Confidence: A ‘How-To’ For Hedge Fund Managers

Dec 22 2014 | 11:52am ET

Hedge funds are increasingly turning to third party services to help with operations...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.