Final SEC PIPEs Claim Against Mangan Tossed

Law360, New York (August 21, 2008, 12:00 AM EDT) -- A federal judge on Wednesday dismissed U.S. Securities and Exchange Commission insider trading charges against a former Friedman, Billings, Ramsey & Co. hedge fund manager related to a PIPE deal gone awry.

Senior Judge Graham Mullen of the U.S. District Court for the Western District of North Carolina tossed out the SEC's accusations of insider trading against John Mangan based on evidence presented by both sides and a record of stock prices.

The SEC took Mangan, along with FBR and a handful of its other employees,...
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