Securities and Exchange Commission v. Pequot Capital Management, Inc., et al., Civil Action No. 3:10-CV-00831-CVD (United States District Court for the District of Connecticut, Complaint filed May 27, 2010).The Securities and Exchange Commission today announced the award of $1 million to Glen Kaiser and Karen Kaiser of Southbury, Connecticut, who provided information and documents leading to the imposition and collection of civil penalties in the above litigation.
Posts Tagged ‘Hedge Fund’
SEC Awards $1 Million for Information Provided in Insider Trading Case
July 27th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Capital Management Inc, Civil Penalties, Cvd, Disgorgement, District Of Connecticut, Glen Kaiser, Hedge Fund, Insider Trading, Kaisers, Key Evidence, Microsoft Corp, Microsoft Employee, Pequot Capital Management, Pequot Capital Management Inc, Sec Staff, Securities And Exchange Commission, Southbury Connecticut, States District Court, United States District, Zilkha 
Comments OffFabrice Tourre denies fraud allegations
July 20th, 2010 Before You Invest Goldman Sachs executive Fabrice Tourre has denied acting improperly in regard to the controversial Abacus collateralized debt obligation (CDO) product.Fabrice TourreLast week, the bank agreed to pay out $550 million after the Securities and Exchange Commission (SEC) accused it of misleading investors by not informing them that hedge fund Paulson & Co – which helped make the CDO – was betting on its failure.The SEC said it would continue its case against Mr Tourre, who is said to have helped design the product.But lawyers acting on his behalf have questioned for the civil fraud charges against him to be dropped, reports Reuters.”The purported claims against Mr Tourre are based solely on alleged actions and omissions concerning information known to many different Goldman Sachs employees working in various aspects of its business,” his legal team said.Goldman Sachs has not admitted or denied the SEC’s claims, but did state that it regrets that marketing materials for the CDO did not tell Paulson’s involvement.
Posted in Finance Fraud Tags: Acting, Amp, Civil Fraud, Collateralized Debt Obligation, Failure, Fraud Allegations, Fraud Charges, Goldman Sachs, Hedge Fund, Lawyers, Marketing Materials, Misleading Investors, Regard, Reuters, Securities And Exchange, Securities And Exchange Commission Comments OffGoldman Settles With SEC
July 16th, 2010 Before You Invest “Today’s settlement sends positive message of deterrence and accountability,” said the SEC’s director of enforcement, Robert Khuzami.Goldman Sachs agreed to pay $550 million to settle civil charges that it duped clients by selling mortgage securities that were secretly designed by a hedge-fund firm to cash in on the housing market’s collapse.Goldman agreed to pay $550 million to resolve allegations that the company misled investors who bought subprime mortgage-related securities made by Goldman.
Posted in Finance Fraud Tags: Accountability, Allegations, Civil Charges, Collapse, Columbia University, Concession, Defendant, Deterrence, Disclosure, Goldman Sachs, Hedge Fund, Housing Market, John Coffee, Law Professor, Marketing Materials, Mortgage Securities, Robert Khuzami, Securities Law, Wall Street, Wrongdoing Comments OffSEC to pay $755,000 damages to ex-lawyer
July 3rd, 2010 Before You Invest A former lawyer for the Securities and Exchange Commission (SEC) who claimed he was unjustly fired after trying to investigate an insider trading ring is to receive $755,000 in hurts.Gary AguirreGary Aguirre, who was fired by the SEC in September 2005, alleged that he was let go by the organisation after attempting to probe trades made by hedge fund Pequot Capital Management.The ex-lawyer claimed that senior officials at the regulator prevented him from interviewing John Mack, an executive who at the time was a candidate for the role of chief executive officer at Morgan Stanley.It was alleged by the legal expert that his determination to pursue the investigation led to his eventual dismissal by the SEC.The SEC’s pay out will include the cost of his legal fees and salary equivalent to that of four years and ten months.John Nester, SEC spokesman, said: “The settlement resolves all outstanding litigation between the parties and reflects the agency’s determination to focus on its core mission of protecting investors.”In May Pequot Capital and Arthur Samberg, the hedge fund’s founder and chairman, agreed to pay $28 million in fines to the SEC to settle charges of insider trading in relation to shares in Microsoft Corp.
Posted in Finance Fraud Tags: Aguirre, Arthur Samberg, Capital Management, Chief Executive Officer, Core Mission, Damages, Hedge Fund, Insider Trading, John Mack, Lawyer, Legal Expert, Litigation, Microsoft Corp, Morgan Stanley, Nester, Pequot Capital, Securities And Exchange, Securities And Exchange Commission, Senior Officials, Spokesman Comments OffUBS re-Files Highland Capital CDO Case
July 2nd, 2010 Before You Invest UBS is re-filing its lawsuit against distressed hedge fund firm Highland Capital claiming the firm did the Swiss bank out of $686 million in a CDO deal. The new case, filed Monday in New York State court, is reminiscent of the SEC’s case against Goldman Sachs over a CDO deal gone terrible.
Posted in Finance Fraud Tags: 686, Cdo, Goldman Sachs, Hedge Fund, Highland Capital, Losses, New Case, New York State, New York State Court, Sec, Swiss Bank, Ubs Comments OffCitadel unit executive Edsparr departs
May 5th, 2010 Before You Invest (Crain’s) — The head of Citadel Investment Group LLC’s start-up investment banking unit has left the division after failing to agree on a business strategy with firm founder Kenneth Griffin.Patrik Edsparr, who joined Chicago-based Citadel in 2008, was “let go last week” from his post as global CEO of Citadel Securities in New York, a spokeswoman for the Chicago-based hedge fund said Tuesday, confirming news reports.“Regretfully, the management team and I did not see eye to eye with Patrik Edsparr on the corporate strategy we wanted to pursue, or the culture we want to cultivate in Citadel Securities,” Mr.
Posted in Finance Fraud Tags: Business Strategy, Chicagoan, Citadel Investment Group, Citadel Investment Group Llc, Commercial Banks, Corporate Strategy, Crain, Eye To Eye, Firm Founder, Global Ceo, Hedge Fund, Investment Banking, J P Morgan, J P Morgan Chase, Kenneth Griffin, Mr Griffin, Patrik, Powerhouses, Rohit, Todd Kaplan Comments OffRBS lost £545m in alleged Goldman fraud
April 17th, 2010 Before You Invest Royal Bank of Scotland was the largest victim of the alleged sub-prime mortgage fraud orchestrated by Goldman Sachs and involving hedge fund Paulson & Co.In August 2008, the part-nationalised lender paid Goldman $841m (£545m) to close its position on the single trade. According to the US Securities & Exchange Commission, “most of this money was subsequently paid to Paulson”.
Posted in Finance Fraud Tags: Abn Amro, Accusations, Amp, Bank Of Scotland, Collateralised Debt Obligation, Downfall, Dutch Bank, Exchange Commission, Expectation, Goldman Sachs, Hedge Fund, Losses, Mortgage Assets, Mortgage Fraud, Poor Quality, Rbs, Royal Bank Of Scotland, Stake, Sub Prime Mortgage, Synthetic Cdo Comments OffSEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages
April 16th, 2010 Before You Invest The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.The SEC alleges that Goldman Sachs structured and marketed a synthetic collateralized debt obligation (CDO) that hinged on the performance of subprime residential mortgage-backed securities (RMBS).
Posted in Finance Fraud Tags: Collateralized Debt Obligation, Collateralized Debt Obligation Cdo, Goldman Sachs, Goldman Sachs Co, Hedge Fund, Investment Banks, Investment Portfolio, Lench, Mortgage Backed Securities, Mortgage Securities, Portfolio Selection, Residential Mortgage Backed Securities, Robert Khuzami, Sec Charges, Securities And Exchange Commission, Securitization, Short Position, Subprime Mortgage, Subprime Mortgages, Vice Presidents Comments OffFSA insider trading probe leads to six arrests in Great Britain
March 24th, 2010 Before You Invest An investigation into insider trading undertaken by the Financial Service Authority (FSA) and the Serious Organised Crime Agency (SOCA) has led to six arrests.According to the regulatory body, two senior executives and one professional from a hedge fund are among those arrested in connection with insider deals.The unnamed workers were taken into custody following searches in 16 locations across London, the South East and Oxfordshire.A number of computers and documents were seized from addresses, which included both business and residential premises.In a statement, the FSA said: “It is believed that the city professionals passed inside information to traders (either directly or via middlemen) who traded based on this information and have made significant profits as a result.”The investigation is the fifth set of arrests in conjunction with insider dealing that the organisation has carried out since 2008.A number of traders have recently been imprisoned due to their involvement in insider deals.Malcom Calvert, Matthew and Neel Uberoi and Christopher McQuoid and James Melbourne are the individuals which have received jail sentences following an investigation by the FSA.
Posted in Finance Fraud Tags: Calvert, City Professionals, Conjunction, Fsa, Great Britain, Hedge Fund, Insider Trading, Jail Sentences, Melbourne, Middlemen, Neel, Oxfordshire, Profits, Regulatory Body, Residential Premises, Senior Executives, Serious Organised Crime, Serious Organised Crime Agency, Soca, Uberoi Comments OffChicago billionaires : Oprah, Citadel’s Griffin, Crown family
March 12th, 2010 Before You Invest (Crain’s) — Oprah Winfrey, hedge fund manger Kenneth Griffin and toy maker Ty Warner are among the 18 Illinois residents on Forbes magazine’s “World Billionaires.”The annual list — a snapshot of wealth as of Feb. 12 — ranks individuals based on their estimated net worth.Carlos Slim Helu, a Mexican tycoon, upset Microsoft co-founder Bill Gates as the world’s richest man.
Posted in Finance Fraud Tags: Bill Gates, Carlos Slim, Citadel Investment Group, Citadel Investment Group Llc, Crain, Crown Family, Forbes Magazine, Founder Bill Gates, Hedge Fund, Illinois Residents, Kenneth Griffin, Lester Crown, Mr Gates, Mr Griffin, Ms Winfrey, Oprah Winfrey, Richest Man, Toy Maker, Ty Warner, World Billionaires Comments OffKitchenaid Mixer
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