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]