Bridgewater Associates sued Howard Wang and Wenquan “Robert” Wu in federal court in Manhattan on Tuesday, saying they tried to publicize their newly-formed hedge fund, Convoy Investments, by lying about their former roles at Bridgewater. Bridgewater claims that Wang and Wu tried to pass themselves off as “former key figures responsible for core aspects of Bridgewater’s business,” but “they were nothing of the sort.” Bridgewater is asking a federal judge to order Wang and Wu stop misrepresenting their role at Bridgewater and pay the hedge fund firm damages…Bridgewater says that Wang joined Bridgewater in 2008 as an entry-level junior analyst in the client services department that is responsible for managing the hedge fund’s relationships with clients. Wang left in 2012 and Bridgewater says he told the hedge fund “that he intended to pursue ballroom dancing ‘full time as a competitor.’” Wu joined Bridgewater’s internal finance department in 2007 as a software developer, coding software that calculated Bridgewater’s fees. Wu was later transferred to the core tech department at the hedge fund and dealt with discrete coding projects until he left the hedge fund firm in 2010, telling Bridgewater that he was unemployed and traveling, the hedge fund claims. [Forbes]
Ray Dalio Will Not Have Some 2-Bit Ex-Employees Trading On His Name, Not Even If They’ve Got The Moves Of Fred AstaireBy Bess Levin
MF Global Finance Chief Who Was Participating In Las Vegas Ballroom Dancing Competition While Firm Bit The Big One Subpoenaed To TestifyBy Bess Levin
Don’t Even *Think* About Pinning This On Jon Corzine’s Flamenco Classes, Which Were On Hiatus For The MonthBy Bess Levin
Key Chicago employees were away and a significant transaction was botched in the lead up to a deficit in MF Global Holdings Ltd.’s customer accounts, according to internal emails, documents and people familiar with the matter. MF Global’s Chicago office was charged with handling money movements, including customer funds, during MF Global’s final days. But many key employees weren’t in the office. Two of them, Christine Serwinski, the firm’s North American finance chief, and Donna Stroder, the head of margins, were at a ballroom dancing competition in Las Vegas days before MF Global collapsed, said people familiar with the matter. [FINS]
While we’re on the subject of prepping for interviews, if you find yourself applying for a gig in China, please be advised that according to the South China Morning Post, “mainland job-seekers are increasingly required to exhibit ‘grey skills’ – binge drinking, playing mahjong and even ballroom dancing – to provide them with an edge in the market.” Several individuals took this advice to heart recently, resulting in the following scene.
After ratting on his pals for insider trading, former Goldman analyst David Pajcin decided to hightail it out of town. (Most likely to his native Croatia, although we doubt he’s holed up with his underwear seamstress aunt.) But if authorities can find him, and you know the crack investigators at the SEC will, Pajcin will owe the government $28 million, according to a judgement handed down by U.S. District Judge Kimba Wood late yesterday.
Pajcin [left] must have thought someone was about to whack him because, had he stayed in the country, he could have paid $6.7 million and served no jail time. His ballroom dancing cohort Eugene Plotkin, however, is serving a 57 month prison term. Read more »
A retired Croatian underwear seamstress, who allowed her nephew, a former Goldman Sachs analyst, to make illegal insider trades through her brokerage account, has won the reversal of a $5.7 million penalty she owed to the Securities and Exchange Commission because she sent her response to the allegations to the wrong address.
Back in 2005, the seamstress, Sonja Anticevic, was implicated in an insider trading ring that involved two Goldman employees, a New Jersey mailman, a former Merrill Lynch analyst and a printing plant worker in Wisconsin. Read more »