In the latest chapter of a U.S. crackdown on insider trading, Tiger Asia Management, an Asia-focused hedge fund run by Sung Kook "Bill" Hwang, pleaded guilty on Wednesday to wire fraud in connection with illegal trading of two Chinese bank stocks, according to federal prosecutors in New Jersey.
Hwang and the fund were separately charged with insider trading in a civil suit by the U.S. Securities and Exchange Commission, according to an SEC press release.
The SEC also charged Tiger Asia's head trader, Raymond Park, with insider trading. Park and Hwang agreed to settle the SEC's charges without admitting or denying them.
The defendants will pay a total of $44 million to settle the criminal and civil charges, and Tiger Asia Management will be placed on probation for a year.
Tiger Asia, which managed as much as $5 billion at its peak, was a spin-off of fund guru Julian Robertson's Tiger Management, one of the world's largest hedge funds in the late 1990s. Robertson returned investor
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