SEC Sues Gryphon
The SEC filed the civil suit after talks aimed at negotiating a settlement broke down.
TheStreet.com previously reported that Gryphon
Regulators were believed to be seeking a penalty of at least $16 million, which is similar to one paid earlier this year by Jeffrey Thorp and his Langley Capital hedge fund. Langley carried out what regulators called an illegal short-selling scheme tied to 23 separate PIPE deals from 2000 to 2002.
Gryphon, even as it was trying to negotiate a settlement, told its investors that it had done nothing wrong. But Lyon told investors this summer that settling with the SEC was in the best interests of the fund and investors.
In the negotiations with the SEC, Gryphon hired securities law guru
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