The manager of a London-based hedge fund,
Headstart Advisers, is facing legal action from the
Securities and Exchange Commission (SEC), the U.S. financial regulator.
Najv Nasser is charged with illicitly trading shares in U.S. mutual funds. The SEC also alleges that subsidiaries with completely unrelated names were set up by the firm's employees in an attempt to conceal their indentities and to trick the U.S. mutual funds into accepting their trades. They claim that such subsidiaries were set up with names such as "Voldemort [sic] Ltd", as well as other less inventive names.
It is claimed that the fund manager has made over £100m by breaching market timing regulations and late trading between September of 1998 and September of 2003.
Representatives of the Headstart Fund have denied the charges.
Source:
The Telegraph.co.uk
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