SEC Hits U.K. Hedge Fund With Market Timing Suit

Law360, New York (April 3, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed suit against British hedge fund adviser Pentagon Capital Management Plc, claiming the company and its chief executive officer defrauded U.S. investors through a scheme of late trading and deceptive market timing.

The SEC’s complaint, filed Thursday in the U.S. District Court for the Southern District of New York, named Pentagon Capital, its CEO Lewis Chester and a hedge fund controlled by the firm, Pentagon Special Purpose Fund Ltd., as defendants, alleging that Chester and the Pentagon Capital “orchestrated...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.