Ex-Fund Manager Settles With SEC Over Short Selling

Law360, New York (January 4, 2007, 12:00 AM EST) -- The latest target of the Securities and Exchange Commission’s crackdown on “naked” short selling, former New York hedge fund manager Joseph Spiegel settled with the SEC on Thursday for $110,000.

Spiegel, a former portfolio manager for Spinner Asset Management, allegedly violated antifraud and registration provisions regarding three private investment in public equity (PIPE) deals.

A PIPE allows investors to purchase stock in a company at a discount for the purpose of raising capital. Small companies that do not have many financing opportunities often use PIPEs because...
To view the full article, register now.