Wed, Aug 31, 2016
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. The Big Picture: Water is single largest environmental investment opportunity[more]

    Benedicte Gravrand, Opalesque Geneva: Water, the world’s most precious and undervalued commodity, is set to lead the socially and environmentally responsible investment themes. This is according to specialist fund manager Thomas Schumann. His firm,

  2. Commodities - Hedge funds pile into bullish bets on U.S. crude by most on record, Rig count steady, hedge funds dump short contracts on 63 million barrels, Hedge funds bail on Copper as Goldman predicts ‘supply storm’, Hedge funds pile up bets against sterling[more]

    Hedge funds pile into bullish bets on U.S. crude by most on record From BRecorder.com: Hedge funds and other speculators raised their bullish bets on US crude oil in the past week by the most on record fuelled by speculation that Organization of the Petroleum Exporting Countries will agr

  3. Investing - U.S. hedge fund Marathon makes Brexit bet on European property, Hedge funds love Liberty and John Malone, DE Shaw could bid for control over TerraForm Power, New York hedge fund increases stake in Tronc as sale talks continue, Don't wait too long to check this +20% value fund's ideas[more]

    U.S. hedge fund Marathon makes Brexit bet on European property From FT.com: Marathon, a $13bn US hedge fund, is building a big Brexit trade, increasing its investments in property across Ireland, France, Germany and the Netherlands, in a bet that they will be among the big beneficiaries

  4. Investing - Hedge funds express interest in acquiring Terraform's class B shares, REIFs: A new opportunity for foreign real estate investors, $21bn distressed expert hedge fund likes these 4 ideas, This merger arbitrage ETF is drawing increased interest, Investors look to emerging Asia for returns[more]

    Hedge funds express interest in acquiring Terraform's class B shares From Thecountrycaller.com: The US residential solar provider, Sunedison Inc. has received a bid from hedge fund manager D.E Shaw & Co LP for controlling a stake in its Yieldco TerraForm Power Inc. According to Reuters,

  5. Opalesque Exclusive: Investors struggle to identify the better performing hedge funds[more]

    Komfie Manalo, Opalesque Asia: Fund managers and investors believe that performance is one of the major factors driving change in the hedge fund industry, a Preqin survey showed in its latest Hedge Fund Spotlight. Preqin said that the disappoin