SEC Short-Sale Probe Turns to Gryphon Fund
To date, the broad-based inquiry has led to the criminal conviction of a former SG Cowen managing director on insider trading charges and a $1.45 million civil settlement with a former First New York Securities hedge fund manager. Emanuel Friedman, former co-CEO of Friedman Billings Ramsey (FBR) also faces potential civil charges, as does the investment firm he co-founded.Other Wall Street firms that face potential regulatory action arising from the PIPEs investigation include Knight Trading (NITE) and Refco (RFXCQ.PK), the scandal-tarred commodity and derivatives brokerage.
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