SEC Charges Former Hedge Fund Portfolio Manager with Insider Trading
SEC Release No. LR-21928
April 13, 2011
The SEC announced the filing of a civil enforcement action against a former portfolio manager for a major hedge fund, relating to insider trading on the basis of confidential information regarding the results of a bio-pharmaceutical company's clinical drug trial. The SEC, which previously charged the tipper with insider trading, also charged the relevant hedge funds as relief defendants. The SEC case was also filed in parallel with a criminal action by the U.S. Attorney for the Southern District of New York.
Cross References
SEC Press Release 2011-91
SEC Release No. LR-21721 (action against tipper)
Exchange Act § 10(b)
Exchange Act Rule 10b-5
Securities § 17(a)