The US Securities and Exchange Commission (SEC) has sued Sung Kook
‘Bill’ Hwang, the founder and portfolio manager of Tiger Asia Management
and Tiger Asia Partners, over insider trading by short selling three
Chinese bank stocks.
According to the SEC's complaint filed in federal court in Newark, New Jersey, the accused conducted a pair of trading schemes involving China Construction Bank and Bank of China stocks and earned $16.7m in illicit profits.
The SEC has also sued Raymond Y H Park for his involvement in the above said schemes as he acted as head trader of the two hedge funds Tiger Asia Fund and Tiger Asia Overseas Fund.
SEC New York regional office associate director and Enforcement Division's Market Abuse Unit deputy chief Sanjay Wadhwa said Hwang betrayed his duty of confidentiality traded ahead of the private placements and deceived his investors.
As per settlement pending court approval, Hwang, Tiger Asia Management, and Tiger Asia Partners have agreed to collectively pay $19,048,787 in disgorgement and prejudgment interest.
Additionally, each of them has agreed to pay a penalty of $8,294,348 for a total of $44m to settle the charges.
Park also has agreed to pay $39,819 in disgorgement and prejudgment interest, and a penalty of $34,897.
According to the SEC's complaint filed in federal court in Newark, New Jersey, the accused conducted a pair of trading schemes involving China Construction Bank and Bank of China stocks and earned $16.7m in illicit profits.
The SEC has also sued Raymond Y H Park for his involvement in the above said schemes as he acted as head trader of the two hedge funds Tiger Asia Fund and Tiger Asia Overseas Fund.
SEC New York regional office associate director and Enforcement Division's Market Abuse Unit deputy chief Sanjay Wadhwa said Hwang betrayed his duty of confidentiality traded ahead of the private placements and deceived his investors.
As per settlement pending court approval, Hwang, Tiger Asia Management, and Tiger Asia Partners have agreed to collectively pay $19,048,787 in disgorgement and prejudgment interest.
Additionally, each of them has agreed to pay a penalty of $8,294,348 for a total of $44m to settle the charges.
Park also has agreed to pay $39,819 in disgorgement and prejudgment interest, and a penalty of $34,897.
0 коммент.:
Отправить комментарий