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Insider Trading & Expert Networks: SEC Guidance Needed
Palm Beach, FL. The SEC has ferreted out some insider trading suspects within the "expert network" network. Hedge fund managers now seek SEC guidance on how they can use “expert networks” and still operate legally. [C-I Note: Perhaps a "safe harbor" or recommended best practices.]
Richard Baker, head of an HF lobby group, said the Managed Funds Association is looking to SEC for guidance - "Our industry would like to know where the sidelines are right now so that we can stay well within them. The trouble is the referees aren’t quite clear where those lines are right now.”
So far, the government's insider trading probe has netted 8 arrests (network execs and experts) and prompted 4 office raids. [NYT Dealbook, 1/31]
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