Pentagon Capital Can’t Duck $99M Late-Trading Penalty

Law360, New York (April 2, 2012, 6:29 PM EDT) -- Pentagon Capital Management PLC must pay a $98.6 million penalty in a U.S. Securities and Exchange Commission case alleging illegal late trading, despite the hedge fund manager's protest that the fine is too high, a New York federal judge ruled Wednesday.

U.S. District Judge Robert Sweet said in an written order that Pentagon had engaged in an “intentional and egregious fraudulent late trading scheme over the course of several years” and violated securities laws thousands of times, making $38.4 million disgorgement and $38.4 million in civil...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities and Exchange Commisison v. Pentagon Capital Management PLC et al


Case Number

1:08-cv-03324

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Robert W. Sweet

Date Filed

April 3, 2008

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.