SEC charges hedge fund four over insider dealing
Regulators say group made $30 million trading on illicit information about tech firms
The Securities and Exchange Commission (SEC) has brought charges against three New York hedge fund managers and one based in Massachusetts in an ongoing crackdown on insider dealing.
The SEC says the four illegally traded based on information obtained while they moonlighted as network consultants for technology firms. As a result, the group profited more than $30 million on trades relating to AMD, Seagate Technology, Western Digital, Fairchild Semiconductor and Marvell.
Samir Barai, Jason Pflaum
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