The UK’s equivalent of the Securities and Exchange Commission, the Financial Services Authority, has fined David Einhorn and his hedge fund, Greenlight Capital, a total of $11.2 million for what the FSA calls “market abuse.” The amount includes the return of the ill-gotten gains.
The fines are the result of trades made by Greenlight in 2009 which enabled the fund to avoid losses of about $9 million. The Wall Street Journal has a rundown of the bare facts here.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
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