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Article: SEC alleges insider trading at San Francisco fund
- Article from:
- AP Worldstream
- Article date:
- October 31, 2009
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The Securities and Exchange Commission filed a civil lawsuit alleging insider trading against the former chief financial officer of a San Francisco private equity fund and six others.
The suit filed Friday claims that Chen Tang, of Fremont, California, gleaned nonpublic information through his job at an unidentified private equity fund and from his brother-in-law at a hedge fund that he and others used to reap illegal trading profits of more than $8 million.
"As the CFO of a private equity firm, Tang was entrusted with highly confidential and material information, and he violated that trust by misusing the information to generate enormous illegal profits," Rose ...