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Opalesque Exclusive: Cox focuses on hedge funds` involvment on insider trading, adds warning `sovereign wealth funds are larger than all hedge funds combined and significantly less transparent`

“In the past few years, the Commission has brought numerous enforcement actions alleging that hedge fund portfolio managers engaged in insider trading. We have created a hedge fund working group within our Enforcement Division to, among other things, coordinate and enhance our efforts to combat hedge fund insider trading, including by working with other federal law enforcement agencies and self-regulatory organizations.

In March of this year, the Commission filed cases against 14 defendants alleging one of the most pervasive Wall Street insider trading rings since the days of Ivan Boesky and Dennis Levine. We alleged that participants in the scheme included several hedge funds and their portfolio managers. In another recent case, we charged a pharmaceutical company executive and his three sons in a multimillion dollar insider trading scheme. We alleged that the father regularly tipped his sons with confidential information misappropriated from his employer, and that the family created a purported hedge fund to conduct the trading and further obscure their identities. In these and other cases, we have worked side-by-side with criminal authorities that have brought their own cases in connection with the illegal conduct.

We have also brought a number of enforcement act......................

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