Passport Capital sent a letter to investors yesterday informing them that Dipak Patel (manager of the Passport India Investments fund) has been placed on "administrative leave." Apparently the note "made it sound Patel just told a couple of buddies what the firm was trading (resulting in $240k in profits for the pals)," which one investor told DB "doesn't seem like a big deal which makes me think there is much more behind it." In clearly related news, the Securities and Exchange Board of India passed an interim order against Patel on frontrunning charges last week.
Just Kidding About SAC Capital Settling With The SEC
A judge has pumped the brakes on this thing.