Tenafly Resident And His Firms Agreed To Pay $44 Million To Settle Insider Trading Charges….

Tenafly Man Charged With Insider Trading

The Securities and Exchange Commission charged Sung Kook “Bill” Hwang a Tenafly resident & the founder and portfolio manager of two New York-based hedge funds Tiger Asia Management and Tiger Asia Partners,  with conducting a pair of trading schemes involving Chinese bank stocks and making $16.7 million in illicit profits.

According to the SEC’s complaint filed in federal court in Newark, N.J., from December 2008 to January 2009….Hwang and his firms illegally profited by $16.2 million by using the discounted private placement shares they received to cover the short sales they had entered into based on inside information about the placements.

Read the full Litigation Release on www.sec.gov