Tiger Asia To Pay Almost $6 Million In Hong Kong Fraud Case

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.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...