Sat, Jul 26, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

More Greenlight Capital Insider Trading Fallout, Additional Fines from UK FSA

Wednesday, February 01, 2012

Bailey McCann, Opalesque New York: Laven Partners, a UK-based consultancy reported in a regulatory alert that Alexander Edward Ten-Holder a trader and compliance officer at Greenlight Capital, a US-based hedge fund, was fined and banned by the Financial Services Authority (FSA) last week for activities associated with the FSA’s recent actions against Greenlight for insider trading.

Greenlight Capital is the hedge fund firm of noted investor David Einhorn. As was reported last week, both Greenlight and Einhorn were recently fined nearly £6m for what the FSA calls "market abuse." The FSA claims that Eihorn had a conversation with a broker and British company Punch Taverns ahead of a fundraising initiative, prompting Einhorn to sell his position on the company, saving himself and Greenlight £5.8mn. The sell-off caused Punch’s shares to lose nearly 30% of their value.

Ten-Holter is being fined and banned because the FSA charges that as a compliance officer, he did not do enough to question the sell-off of Punch shares.

The FSA said in a statement about the decision that "under the circumstances, Mr. Ten-Holter had failed to recognize the risk of market abuse in how the instruction was communicated to him and the information he was given."

According to the FSA, the circumstances sur......................

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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  4. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  5. Opalesque Roundtable: European family offices struggle to retain their investments in offshore hedge funds[more]

    Komfie Manalo, Opalesque Asia: The European Union’s Alternative Investment Fund Managers Directive (AIFMD) will constrain investment opportunities amidst concern a number of U.S. fund managers will stop marketing their products in the European Union under the new rule, said Valentin Bohländer fro