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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
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