Wednesday, 1 October 2014
Last updated 3 hours ago
Dec 22 2005 | 7:47pm ET
Hedge fund manager John Mangan, who was formerly registered as a broker with Friedman, Billings, Ramsey & Co., has been permanently barred from associating with any NASD-registered firm. He has also been ordered to pay a $125,000 fine to settle charges that he deceptively obtained shares in a PIPE transaction, improperly sold the shares short and shared in profits from the shares without obtaining permission from FBR.
NASD found that Mangan wanted to invest in shares in Compudyne through a hedge fund he managed with a partner, so he contacted senior FBR executives to inquire whether he had permission to do so. He was told not invest in the Compudyne PIPE, however, he went ahead and arranged for HLM Securities, an investment advisor owned by Mangan's partner, to buy 80,000 shares in the PIPE.
In settling this matter with NASD, Mangan neither admitted nor denied the charges. NASD's investigation into other individuals and entities involved in the Compudyne PIPE is continuing.
In May, Hilary Shane, a hedge fund manager formerly registered with First New York Securities, was barred and ordered to pay more than $1.45 million in fines and restitution by the NASD and the Securities and Exchange Commission to settle fraud and insider trading charges arising from her purchase and sale of Compudyne PIPE shares.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...