Thu, Jul 27, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Greenlight Fined For Trading Abuse In The UK

Thursday, January 26, 2012

Bailey McCann, Opalesque New York: The Financial Services Authority (FSA) in the UK is fining David Einhorn and his firm Greenlight Capital for trading abuses. The fines are split between Einhorn and Greenlight Capital, at just over £3mn pounds each for using insider information when selling shares in a public company in the UK in 2009, according to several press reports.

The FSA is claiming that Einhorn had a conversation with a broker that British company Punch Taverns was about to begin fundraising, prompting Einhorn to sell his position on the company, saving himself and Greenlight £5.8mn. Einhorn claims that the information was not something he considered insider information, but the FSA disagrees and called it in a statement a "serious case of market abuse." The Wall Street Journal offers a full accounting of the FSA timeline here.

Einhorn said in a statement that he feels as though the fines are unfair and inconsistent with previous FSA handling of such matters, but that he plans to pay the fines and focus on his business. Einhorn will have a conference call with investors tomorrow afternoon to discuss the situation. He has assured investors that no investor money will go toward paying the fines.

Einhorn and his firm Greenlight is a well known US based hedge fund. Einhorn has made his career from by taking an activist ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Hedge fund CQS favors structured credit, Direct lending funds' fading all-weather appeal, Funds hunt for cracks in most-prized US shopping malls[more]

    Hedge fund CQS favors structured credit From BArrons.com: A hedge fund manager that can invest across the investment landscape says in his latest semi annual report this week that he's finding opportunities in structured credit -- particularly the shorter term, floating rate kind. Exampl

  2. Launches - Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle, Jersey players institutionalize first regulated crypto-currency hedge fund[more]

    Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle From Coindesk.com: The operators of a regulated, Jersey-based bitcoin hedge fund have officially closed a new $5 million fund aimed at investing in cryptocurrency tokens and initial coin offerings (ICOs). Backed by fun

  3. SWFs - China Wealth fund backs TPG lender as part of U.S. property push[more]

    From Bloomberg.com: China Investment Corp., the sovereign wealth fund that controls $814 billion in assets, is betting on U.S. real estate by investing in a commercial real estate lender formed by the money management firm TPG. In conjunction with last week's initial public offering of TPG RE Financ

  4. Months to minutes: Enigma launch aims to boost crypto hedge fund creation[more]

    From Coindesk.com: What if starting a hedge fund was as easy as downloading an API? A startup incubated at MIT Media Lab is today revealing a product designed with this ease-of-use in mind. Called Catalyst, the first product offering by blockchain startup Enigma aims to trigger nothing short of an e

  5. Seward & Kissel launches new compliance service[more]

    Bailey McCann, Opalesque New York: The law firm that formed the first hedge fund - Seward & Kissel - has launched a new compliance service for asset managers. Seward & Kissel Regulatory Compliance, or SKRC, offers full-scale regulatory compliance consulting solutions provided by the firm's attor