The Securities & Exchange Commission announced 3 whistleblowers would be receiving approximately $125,000 for providing information about a hedge fund scam. The 3 provided helped the SEC shut down Locust Offshore Management and its CEO, Andrey Hicks. Hicks was sentenced to 40 months in federal prison on related criminal fraud charges. Although it did not […]
SEC to Pay Whistleblowers In Insider Trading Case
by Brian Mahany Insider trading cases have been quite the buzz on Wall Street in recent years. Several well known traders and hedge fund managers have gone to prison after being caught using inside information to trade securities. When an “insider” has access to information ahead of the market, they have an advantage that allows […]
SEC Targets Investment Advisers For Providing Inaccurate Info
by Brian Mahany The U.S. Securities and Exchange Commission has started a “cease and desist” proceeding against a Chicago investment adviser firm, Calhoun Asset Management LLC, and its principal, Krista Ward. The complaint was filed on December 29th. The SEC says that the firm deceived investors by “grossly exaggerating” assets under management and making misleading […]
SEC Obtains Asset Freeze Order Against Massachusetts Based Offshore Hedge Fund
by Brian Mahany The SEC charged a Massachusetts based offshore hedge fund, Locust Offshore Management LLC and its operator Andrey Hicks with misleading investors. Criminal charges have not yet been filed. According to the complaint, Hicks told prospective investors that he had two degrees from Harvard. He also claimed to have previously worked at Barclay’s […]