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Fund pays $600m to settle insider trading charges
Hedge fund CR Intrinsic Investors will pay more than $600 million in what federal regulators are calling the largest insider trading settlement. The Securities and Exchange Commission charged the firm with insider trading in 2012, alleging that one of its portfolio managers illegally obtained confidential details about an Alzheimer's drug trial from a doctor before the final results went public and made trades from that information. The SEC said Friday that the fund agreed to settle the charges and the parties neither admit nor deny the charges.
“The historic monetary sanctions against CR Intrinsic and its affiliates are a sharp warning that the SEC will hold hedge fund advisory firms and their funds accountable when employees break the law to benefit the firm,” George S Canellos, acting director of the SEC’s Division of Enforcement, said in a statement.
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