SEC Dealt Setback In Suit Against Ex-FBR Manager

Law360, New York (October 25, 2007, 12:00 AM EDT) -- In a setback for the U.S. Securities and Exchange Commission, a federal judge has tossed a portion of the agency's complaint against a former Friedman, Billings, Ramsey & Co. hedge fund manager who stands accused of insider trading related to a PIPE deal gone awry.

On Wednesday, U.S. District Judge Graham Mullen bounced one of the charges facing John Mangan, letting the ex-FBR manager off the hook for the alleged trading of unregistered securities that supposedly netted him tens of thousands of dollars.

“We were disappointed...
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