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Tag: hedge fund

Hedge Funder Employees Charged in FBI Sting; Agent Pretended to Represent Major Fund

By Danny Fenster
ticklethewire.com

Hard to believe there is corruption in the hedge fund industry, aye?

An FBI sting has resulted in charges against 11 people with ties to hedge fund companies, plus two “finders,”  the finance website FINalternatives.com.

An FBI agent posed as a representative of a major hedge fund, operating from an office in suburban Boston the bureau set up. The agent offered a $5 million investments to mircocap companies, publicly traded companies which tend to have more risk and volatility, in exchange for a 50 percent kickback.

The SEC suspended trading for the companies involved, which include Augrid Global Holdings, Comcan International, First Global Financial Corp., MicroHoldings US, Outfront Companies, Symbollon Pharmaceuticals and ZipGlobal Holdings.

To read more click here.

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NY Prosecutor Preet Bharara Credited With Bringing Down Hedge Fund Giant Has Had Successful Run

U.S. Atty. Preet Bharara/doj photo

By Jerry Markon
Washington Post Staff Writer

The Justice Department official credited with bringing down hedge fund billionaire Raj Rajaratnam is a wisecracking, self-effacing, Bruce Springsteen-loving prosecutor who is deadly serious about what he views as rampant insider trading on Wall Street.

Preet Bharara, the U.S. attorney in Manhattan, has been hailed by some in the financial media as the “sheriff of Wall Street.” His office has ramped up white-collar enforcement, charging nearly 50 people in an insider trading crackdown that led to Wednesday’s conviction of Rajaratnam, founder of the Galleon hedge fund, on 14 counts of fraud and conspiracy.

Yet some who know Bharara, while crediting him with aggressive enforcement, say he is following the tradition of an office known for policing Wall Street since Ivan Boesky and Michael Milken were sent to prison two decades ago. The Rajaratnam investigation began during the George W. Bush administration, though Bharara oversaw the case after taking office in August 2009.

To read full story click here.

Read NY Times Story on Bharara

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