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Securities regulators are suing a former hedge fund manager, charging him with insider trading in shares of a small company doing a private placement.
The civil lawsuit filed by the Securities and Exchange Commission against John Mangan Jr. arises from a lengthy investigation into allegations of improper trading by hedge funds that invested in a 2001 private investment in public equity, or PIPE. The lawsuit is the latest in a long string of regulatory actions to stem from the investigation into allegations of improper trading in the deal, which raised $12 million for Compudyne(CDCY Quote), a Maryland security-services company.
Mangan, in a statement, says he intends the fight the SEC charges and did nothing wrong. ...
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