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Hedge Fund Manager Heads To Court Over Short-Selling

Law360 (October 3, 2006, 12:00 AM EDT) -- A hedge fund manager accused of fraud after she sold short shares of Compudyne Inc. before an unregistered offering will have to defend herself in court, after a judge refused to toss the company’s suit against her.

Hilary Shane, a former hedge fund manager at First New York Securities, last week pled not guilty to fraud and insider-trading, and asked a district court judge to dismiss the civil case.

But while Judge Robert Sweet dismissed some of the charges, including “unjust enrichment,” he allowed the bulk...
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