Fri, Jan 30, 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. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalaurMor Management in New Yor

  2. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  3. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  4. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report

  5. Institutions - Ontario pension fund leader calls all asset classes ‘expensive’, Taiwan's BLF plans $2bn in alternative mandates[more]

    Ontario pension fund leader calls all asset classes ‘expensive’ From WSJ.com: The head of one of the world’s largest pension funds said that across asset classes, “everything is expensive.” Ron Mock, who leads Canada’s $141 billion Ontario Teachers’ Pension Plan, said that the plan would