Law360, New York (December 21, 2006, 12:00 AM ET) -- A New York-based hedge fund and its investment adviser firm have agreed to shell out nearly $500,000 after allegedly making improper trades in shares privately issued by three companies.
The U.S. Securities and Exchange Commission said on Wednesday that Spinner Global Technology Fund and Spinner Asset Management LLC resolved the charges without admitting or denying any wrongdoing.
The SEC found that the former portfolio manager agreed to invest in three private investment in public equity (PIPE) transactions, and subsequently sold short the issuer’s stock through “naked”...
Hedge Fund To Settle Improper Trading Claims
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