Financial Services Industry
Industry: Email Alert RSS FeedIdeas for regulating hedge funds abound; SEC's PIPE probes focus on short sales north of the border.(Investments in Canada)
Investment News, January, 2007
Byline: David Clarke OTTAWA - Just when Canadian regulators thought they had a handle on hedge fund regulation, a new scandal has erupted. The U.S. Securities and Exchange Commission on Jan. 4 said that it had filed anti-fraud charges against Joseph Spiegel, who worked at Spinner Asset Management LLC, a $200 million New York-based hedge fund.
According to the SEC, he agreed to invest in three private investment in public equity (PIPE) transactions and then shorted the securities through a broker-dealer in Canada. The SEC alleged that after agreeing to invest in the PIPE financing, the hedge fund short sold the companies' shares through "naked'' short selling in Canada. The term refers to situations in which the investors haven't arranged to...
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