Fri, Sep 25, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SEC bars hedge fund manager Drew Brownstein from practice

Thursday, June 28, 2012

amb
Drew Brownstein
From Komfie Manalo, Opalesque Asia:

The U.S. Securities and Exchange Commission on Wednesday ordered convicted hedge fund manager Drew "Bo" Brownstein barred "from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization," after he pled guilty and eventually sentenced to prison, for insider trading in connection with the Mariner Energy Inc.’s takeover by Apache Corporation in April 2010.

The case against the 36-year-old Denver, Colorado-based Brownstein, founder of the hedge fund Big 5 Asset Management, LLC, stemmed after Mariner Energy board member H. Clayton Peterson allegedly tipped his son, Drew Clayton Peterson, with confidential details about Mariner Energy’s upcoming acquisition. Drew Peterson, was a managing director at a Denver-based investment adviser and a friend of Brownstein, reportedly used the inside information to purchase Mariner Energy stock for himself and others.

But the SEC argued that "Brownstein knew, recklessly disregarded, or should have known, that the material information that he received from Drew Peterson, in advance of the April 15, 2010 announcement that Apache Corporation had agreed to acquire Mariner Energy, Inc. was disclosed or misappropriated in breach of a fiduciary duty, or obligation arising from a simila......................

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: Tech stocks aren't in a bubble, but investors should be pickier, Credit Suisse says, Pandora tops world's best-performing market as hedge funds exit, What Bill Ackman is investing in now[more]

    Tech stocks aren't in a bubble, but investors should be pickier, Credit Suisse says From Business Insider: Credit Suisse on Thursday trimmed its overweight rating for tech stocks, recommending investors be more selective with their sector picks. Crowding in tech giants and the stocks&#

  2. Investing: Third Point buys stakes in Facebook, Alibaba in Q2, exits Sony, Allergan, Here's what investors with $3.4tn are buying during covid, An energy trader seeks profit from batteries in European markets, Hedge fund ARCM to sell $200m of Premier Oil debt[more]

    Third Point buys stakes in Facebook, Alibaba in Q2, exits Sony, Allergan Third Point LLC acquired new stakes in Facebook Inc. and Chinese e-commerce companies Alibaba Group Holding Ltd. and JD.com Inc. during the second quarter of 2020 as it divested positions in Sony Corp. and drugmaker

  3. PE/VC: Investors have bet big that you can get private equity returns in the public markets. A new study says otherwise, Aberdeen's Bonaccord teams up with CAZ to buy stakes in private markets managers, The role of private equity in economic recovery from Covid-19[more]

    Investors have bet big that you can get private equity returns in the public markets. A new study says otherwise From Institutional Investor: New research suggests private-equity-owned firms respond differently to financial distress - and that the resulting performance "cannot be replicat

  4. Opalesque TV: Meet a Swiss fund manager who hedges with a difference[more]

    B. G., Opalesque Geneva: There is a quant manager in Zurich that does things a little differently, which has helped a lot so far this year. ICON Asset Management, which was mentioned in the

  5. Franklin Templeton creates new unit with QS Investors[more]

    Laxman Pai, Opalesque Asia: Franklin Templeton will combine recently acquired QS Investors, a Legg Mason subsidiary, with Franklin Templeton Multiasset Solutions (FTMAS) business into a single consolidated unit. Effective Oct. 1, the combined business, called Franklin Templeton Investment Sol