Posts Tagged ‘hedge funds’

FSA fines two more over Greenlight insider trading after David Einhorn / Siim

03/02/2012. Tags: , , , , , , , , | This post has no Comments

The Telegraph writes that two more individuals connected to US hedge fund Greenlight Capital have been fined over a multi-million pound insider-dealing case.

The City regulator fined Alexander Ten-Holter, Greenlight’s compliance officer, £130,000 and JP Morgan trader Caspar Agnew £65,000.

Both individuals were censured for failing to either identify or ask questions about Greenlight’s trading in Punch Taverns. The hedge fund sold significant tranches of Punch shares knowing the company was about to raise money, a move almost certain to drive Punch’s shares down.

Despite being told by a Greenlight analyst that the hedge fund had just spoken to Punch management and knew “secret bad things”, Mr Ten-Holter “took no steps to satisfy himself that the order was not based on inside information,” according to the FSA.

The regulator said Mr Agnew also became aware that Greenlight may have been trading on inside information but failed to act. Mr Agnew said he thought Greenlight was just “fortunate” in its timing.

Greenlight founder David Einhorn was fined £7.2m together with his fund for insider dealing. The fine’s size and action against the compliance officer shows a ramping up of FSA enforcement.

Read whole story …

Insider Trading Reviews by the UK FSA / Ahto

05/12/2007. Tags: , , , , , , | This post has no Comments

On 29 October 2007 the FSA published issue 24 of its Market Watch newsletter in which it elaborates among other topics:

  • The results of visits to a number of hedge fund managers to review the controls used to mitigate the risk of market abuse.
  • The importance of timetables and insider lists to the FSA when it is conducting enquiries for suspected cases of market abuse, particularly insider trading. Market Watch gives some general pointers on the level of detail the FSA is looking for in timetables and insider lists prepared by firms in case of M&A transactions.

Please download http://www.fsa.gov.uk/pubs/newsletters/mw_newsletter24.pdf for Market Watch Issue 24.

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