Tuesday, 30 June 2015
Last updated 6 min ago
Nov 2 2006 | 11:46am ET
New York-based Sandell Asset Management is sweating after receiving a Wells notice targeting the firm and several top executives. According to a letter sent to investors, the $7 billion New York hedge fund stands accused of naked short-selling of Louisiana bank Hibernia Corp.’s shares. The alleged short-sales occurred in the aftermath of Hurricane Katrina.
The letter said that the Securities and Exchange Commission “intends to recommend the commencement of proceedings” against Sandell and several executives, reportedly including Sandell founder Thomas Sandell, though the letter did not identify any individuals.
Sandell, in the letter, said it “[disputes] several of the commission’s assertions,” but that it is “continuing to work with the staff the resolve this matter.”
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…