Charges Against Ex-Hedge Fund Manager Mangan Dismissed

Aug 21 2008 | 12:55pm ET

Former hedge fund manager John Mangan is free and clear after a federal judge dismissed the last charges against him.

Mangan, of the now-defunct Charlotte, N.C., hedge fund Mangan & McColl Partners, had been accused of insider trading and illegally trading shares of CompuDyne Corp. while at Friedman Billings and Ramsay. U.S. District Judge Graham Mullen dismissed the illegal trading charges in October, and also indicated that he would toss the insider-trading charge this year.

“I fought this case because I knew that I did nothing wrong,” Mangan said in a statement. “I could not allow the SEC to derail my career over unfounded accusations. This ordeal has been extremely difficult for me, my entire family and my former colleagues and employees. I am proud to have my name and integrity vindicated and am eager to move on with my life.”

Mangan settled NASD charges related to the trades three years ago, paying $125,000 and being barred from the securities industry.

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