Hedge Funds

Someone Other Than Steve Cohen Is Facing An Insider Trading Investigation

Nobody’s trying to put Paul Singer in jail—yet—but the Elliott Management chief has had to disclose an insider-trading probe to his investors.

Elliott Management faces an insider-trading inquiry in France stemming from its deal to sell its stake in a French highway network.

The Autorité des Marchés Financiers sent Elliott’s U.K. unit a “letter of grievance” at the end of last month, warning that it was the subject of a probe. AMF is looking at Elliott’s purchase of Autoroutes Paris-Rhin-Rhone shares between May and June of 2010, just before it and another money manager sold their 13.7% stake in APRR. The regulator said it believed the purchases inflated APRR’s stock price and earned Elliott €2.75 million in ill-gotten gains.

The news is no doubt going over very well in Buenos Aires, where increasingly-unpopular President Cristina Fernández de Kirchner may redirect some of her energies from saber-rattling over some islands rich in sheep and existential meaning to casting a statue of François Hollande for the Plaza de Mayo.

France Eyes Alleged Elliott Insider Trading [FINalternatives]
Elliott’s Unit Probed by French Regulator Over APRR Trade [Bloomberg]
Elliott reveals insider trading inquiry [FT]
Vitriol Over Falklands Resurfaces, as Do Old Arguments [NYT]

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4 Responses to “Someone Other Than Steve Cohen Is Facing An Insider Trading Investigation”

  1. VonSloneker says:

    If only DB had a feature dealing with sportsbook. We could have had some interesting reading in the run up to the Catholics vs. Cousins Bowl.

    – Guy who misses MBA girl and sportsbook guy

  2. guest2 says:

    In other news, Elliott seized the Eiffel Tower yesterday as a bargaining chip.

  3. Gently says:

    I've tried the snide, so now the direct: Jon, maybe you should consider that you're just not very good at this job. But I bet there is some job out there that you would be great at! It's just not this one.

    PS If "Jon Shazar" is just the name of the DB robot/program that uses Summly to produce short summaries and autopost, well then…good job?

  4. sohbet says:

    telling these little stories, here's a good idea: Have a point. It makes it so much more interesting for the listener.