Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Hedge consultant blows whistle on billion dollar insider trading ring

Hedge consultant blows whistle on billion dollar insider trading ring

A former hedge fund consultant currently awaiting sentencing after pleading guilty to passing on inside information has named another 20 individuals he said were implicated in the scandal.

Wesley Wang, who will be sentenced by a New York court later today, previously worked at $14 billion SAC Capital, named by Bloomberg as the most successful hedge fund of 2012, and others.

Late last year SAC told its investors that the US Securities & Exchange Commission was preparing civil charges against the fund, although it denied wrongdoing and said it would meet all costs.

In a letter to the judge hearing Wang’s case, prosecutors said information he had supplied had already ‘contributed substantially to the criminal convictions of over 10 individuals’.

‘The full extent of Wang’s information and co-operation remains to be realised’, they added. According to US reports, Mr Wang wore a wire to gather information on the named individuals.

SAC, managed by Steven Cohen, is thought to be one of the most successful hedge funds of all time. Wang had previously testified to supplying SAC manager Dipak Patel, who has not been charged.

He also testified against another previous employer, Doug Whitman , founder of Whitman Capital who has since been convicted of conspiracy and securities fraud.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Your Business: Cover Star Club

Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

Wealth Manager on Twitter