BOSTON, Sept 29 (Reuters) – U.S. financial regulators on Thursday charged a Massachusetts hedge fund manager illegally earned $750,000 by trading on information that a local bank planned to acquire a competitor last year.
The U.S. Securities and Exchange Commission said hedge fund manager Michael Tom learned that Citizens Financial Group planned to buy Charter One Financial Ync. in 2004 from Shengnan Wang, who was working at Citizens and had invested money with Tom’s Global Time Capital Management hedge fund.
