Ritchie Capital To Pay $40M For Late Trading Scheme

Law360, New York (February 5, 2008, 12:00 AM EST) -- The financial firm Ritchie Capital Management LLC, its chief executive and its affiliated hedge fund agreed on Tuesday to pay $40 million to bury the U.S. Securities and Exchange Commission's illegal trading charges.

The total sum will settle the SEC enforcement action that accused Ritchie Capital, its founder and CEO A.R. Thane Ritchie and two company employees of devising and carrying out an illegal late trading scheme that funneled about $30 million into the hedge fund Ritchie Multi-Strategy Global Trading Ltd.

“Ritchie Capital concealed its late...
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