George Soros Komfie Manalo, Opalesque Asia:
The U.S. Securities and Exchange Commission (SEC) has started its investigation into billionaire hedge fund manager George Soros’ trading at Herbalife after William Ackman accused Soros Fund Management of allegedly manipulating the shares of the nutritional supplement firm, various media reported.
In a report, Dividend.com said that SEC enforcement lawyer Liora Sukhatme recently spoke with Bill Keep, dean at the College of New Jersey who is a recognized expert on pyramid schemes, as an overshoot of Ackman’s accusation against Soros.
Early this month, Ackman of Pershing Square accused Soros of allegedly violating insider trading laws when he purchased large positions in Herbalife and then tipped off other hedge funds.
Soros’ large long position in Herbalife, estimated to be amongst his top three holdings, infuriated Ackman who has had an uncovered $1bn (around 20 million shares) bet against Herbalife since last December. Ackman lost an estimated $200m on his short bet in Herbalife.
Ackman also filed a complaint before the SEC against Soros’ family fund and unidentified co-con......................
To view our full article Click here