Sunday, 21 December 2014
Last updated 1 hour ago
Dec 20 2013 | 12:19pm ET
Tiger Asia Management has been hit with a HK$45.3 million (US$5.8 million) bill for insider-trading.
A Hong Kong court ordered the defunct hedge fund, founder Bill Hwang and former executive Raymond Park to make the payment after the three admitted to insider dealing and market manipulation, the Hong Kong Securities and Futures Commission, which brought the case, said. The money will be returned to about 1,800 investors who traded with Tiger Asia.
The SFC accused New York-based Tiger Asia of trading on confidential information about two Chinese banks in 2008 and 2009. Tiger Asia wound up pleading guilty to parallel charges in the U.S. last December.
The Hong Kong case was delayed after Tiger Asia argued—successfully at first—that the SFC could not sue it without a criminal finding against it. Such recourse was not available to Hong Kong authorities, because Tiger Asia had no physical presence in the city. But Hong Kong's highest court in April rejected that argument, giving the SFC the green-light to sue.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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.