SEC Charges Ex-Hedge Fund Analyst With Insider Trading

Oct 21 2008 | 11:32am ET

The Securities and Exchange Commission yesterday charged Brian Ladin, a former analyst for Bonanza Master Fund, a Dallas-based hedge fund, with insider trading.

The SEC's complaint alleges that Ladin engaged in unlawful trading in connection with a 2004 private investment in public equity transaction conducted by Radyne Comstream. Ladin, on the basis of the material, non-public PIPE information, presented an investment in Radyne to Bonanza, resulting in Bonanza establishing a 100,000-share short position in Radyne stock. Ladin, in signing the offering's stock purchase agreement on behalf of Bonanza, allegedly represented that Bonanza did not hold a short position in Radyne common stock when he knew that Bonanza held a short position in Radyne's common stock.

Ladin, without admitting or denying the allegations, agreed to settle the charges for $330,427. Bonanza, as relief defendant, was ordered to disgorge a total of $371,429 in ill-gotten gains.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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