Thursday, 25 December 2014
Last updated 21 hours ago
Sep 30 2008 | 11:39am ET
The Securities and Exchange Commission has fined an offshore hedge fund for illegal short-selling of 18 companies.
The culprit, Victoire Finance Capital, is based in New York and was founded in 2003. The firm serves as the investment adviser to Victoire Finance et Gestion, a Netherlands Antilles-based private offshore hedge fund. According to the SEC, from February 2004 until August 2005, the fund sold short securities of eighteen issuers including, Wynn Resorts and Weyerhaeuser Co., realizing profits of $168,139.
Most of the transactions followed the same general pattern: VFC sold securities short either the day of, or the day before, the pricing of the public offering and then covered all or part of the short position with shares that it purchased in the offering, the SEC says.
The firm has been ordered to pay disgorgement of $168,139 and prejudgment interest of $132,491.
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.