CORRECTED: Hedge Fund Manager Can't Dismiss SEC's Attempt At Ban

Law360, New York (May 16, 2013, 6:38 PM EDT) -- A hedge fund manager accused of misusing investor assets lost a motion Thursday to dismiss the U.S. Securities and Exchange Commission’s request for a ruling that would bar him from serving as director or officer of a public company, according to an Illinois federal court filing. 

U.S. District Judge Charles P. Kocoras denied Patrick G. Rooney’s motion to dismiss the so-called D&O bar, a common sanction in SEC fraud cases. The agency alleges Rooney failed to inform investors he had used $3.6 million from his Solaris...
To view the full article, register now.




Case Information

Case Title

Securities & Exchange Commission v. Rooney et al

Case Number



Illinois Northern

Nature of Suit



Honorable Charles P. Kocoras

Date Filed

November 17, 2011

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.