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SEC Judge Hits 'Big Short' Money Manager With $3M Sanction

Law360, New York (January 12, 2015, 5:23 PM EST) -- A U.S. Securities and Exchange Commission judge on Monday ordered Wing Chau, the investment adviser depicted in Michael Lewis’ “The Big Short,” and his firm to pay $3 million over alleged violations in their collateralized debt obligation business, but he also faulted enforcement for coming up short on evidence.

Chau and his New Jersey-based firm, Harding Advisory LLC, were ordered to disgorge just more than $1 million in profits, while he and his firm were hit with civil penalties of $340,000 and $1.7 million, respectively. Meanwhile, Administrative Law Judge Cameron Elliot said Chau should be barred from the securities industry and...

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