Tiger Asia Management LLC, the New York-based hedge fund run
by Bill Hwang, admitted illegally using inside information to trade Chinese
bank stocks and agreed to criminal and civil settlements of more than $60
million.
Hwang entered the guilty plea for Tiger Asia yesterday in
federal court in Newark, New Jersey, admitting it used material nonpublic
information by selling short shares of Bank of China Ltd. and China
Construction Bank Corp. Tiger Asia agreed to forfeit $16.3 million to resolve
the criminal case.
Tiger Asia Management, Hwang, Tiger Asia Partners LLC and
former head trader Raymond Y.H. Park also will pay $44 million to settle a U.S.
Securities and Exchange Commission lawsuit filed yesterday. Tiger Asia used
inside information received through private placement offerings to engage in
short selling of the two banks, the agency said….
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