Tuesday, 22 July 2014
Last updated 9 hours ago
Aug 1 2013 | 10:59am ET
Japanese regulators have accused hedge fund Juggernaut Capital Management of market manipulation.
The Securities and Exchange Surveillance Commission is seeking a ¥431 million (US$4.4 million) fine against the Singapore-based hedge fund. If approved by the Japanese Financial Services Agency, it would be the largest-ever fine it has imposed on a foreign firm.
According to the SESC, Juggernaut inflated the stock price of real-estate developer Rise Inc. in March and April of last year, placing large buy orders and trading heaving near the close of market sessions. The hedge fund earned about ¥200 million from the scheme, which ran for 26 trading days.
Neither Juggernaut nor founder Yashwant Bajaj have commented on the allegations.
The fine against Juggernaut would be the third-ever against a foreign firm for illicit trading by the SESC, after First New York Securities and Tiger Asia Partners last year.
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…