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Alternative Market Briefing

Hedge fund manager Harden agrees to a one-year ban for failing to prevent insider trading

Friday, October 14, 2016

Komfie Manalo, Opalesque Asia:

The Securities and Exchange Commission (SEC) said that Mike Harden, senior partner and co-founder of Francisco-based Artis Capital Management, has agreed to a one-year ban from working with his firm as part of a settlement with regulators over his failure to detect insider trading by one of his employees at an affiliated hedge fund.

The SEC’s order finds that Artis Capital failed to maintain adequate policies and procedures to prevent insider trading at the firm. The SEC said that Artis Capital and Harden have failed to respond appropriately to red flags that should have alerted them to the misconduct. The employee, Matthew G. Teeple, was later charged along with his source David Riley as part of the SEC’s broader investigation into expert networks and the trading activities of hedge funds. Teeple and Riley also were charged by criminal authorities and have since received prison sentences.

"Hedge fund advisory firms and supervisors must take all reasonable measures necessary to prevent insider trading, yet Artis Capital and Harden failed to take any action at all in response to Teeple’s highly profitable and suspiciously-timed trading recommendations," said Sanjay Wadhwa, senior associate director of the SEC’s New York Regional Office.

Artis Capital agreed to settle the SEC’s charges by disgorging the illicit trading profits that Teeple generated for the firm totaling $5,165,862, plus interest of $1,129,222 and a penalty of $2......................

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