Fri, Sep 4, 2015
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. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner