Monday, 1 September 2014
Last updated 3 days ago
Nov 21 2007 | 10:53am ET
Chalk up another black mark for Bear Stearns. Andrew Srebnik, a former registered representative at the beleaguered firm, has settled charges brought against him for illegal insider trading.
According to the Securities and Exchange Commission, Srebnik was involved in an insider trading scheme that included employees of UBS Securities and Morgan Stanley. The scheme’s point man was Mitchel Guttenberg, an executive director in the equity research department of UBS, who, from at least 2001 through 2006, allegedly gave material, nonpublic information concerning upcoming UBS analyst upgrades and downgrades to at least two Wall Street traders, Erik Franklin and David Tavdy. In exchange for the tips, he shared in the profits from their trading on that information.
Franklin allegedly traded on this insider information for a hedge fund he managed at Bear Stearns, dubbed Lyford Cay Capital, and in his personal accounts at the Wall Street firm.
Srebnik, who worked on a trading desk at Bear Stearns, had access to Franklin's trading information and used the UBS tips to purchase and sell securities in his personal account.
Without admitting or denying the allegations in the complaint, Srebnik has agreed to pay a disgorgement of $54,730 and a civil penalty of $23,178. He is also barred from association with any broker, dealer, or investment adviser.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...