{"id":31100,"date":"2012-09-06T06:25:09","date_gmt":"2012-09-06T10:25:09","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=31100"},"modified":"2012-09-06T07:14:17","modified_gmt":"2012-09-06T11:14:17","slug":"sec-charges-poker-buddies-with-hedge-fund-insider-trading","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2012\/sec-charges-poker-buddies-with-hedge-fund-insider-trading.html","title":{"rendered":"UPDATE: SEC Charges Poker Buddies With Hedge Fund Insider Trading, Guilty Plea"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2012\/09\/betfair-cheating.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-31109\" title=\"cheating\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2012\/09\/betfair-cheating.jpg\" alt=\"\" width=\"230\" height=\"205\" \/><\/a>New York (HedgeCo.Net) &#8211;\u00a0The SEC has\u00a0alleged\u00a0that\u00a0Hyung Lim of Los Altos, Calif., received up to $15,000 and stock tips about a pending corporate acquisition for regularly providing a fellow poker player, Danny Kuo, with nonpublic details ahead of Nvidia Corperation\u2019s quarterly earnings announcements.<\/p>\n<p><strong>UPDATE:<\/strong><\/p>\n<blockquote><p>&#8220;The former Altera Corp. executive pleaded guilty to passing illegal tips about his company and Nvidia Corp., some which were relayed to a group of fund managers accused of running an insider-trading \u201ccriminal club.\u201d\u00a0Hyung Lim, 46, pleaded guilty today to conspiracy to commit securities and wire fraud before U.S. District Judge Richard Sullivan in Manhattan.&#8221; \u00a0<em>Bloomberg reports.<\/em><\/p><\/blockquote>\n<p>Kuo, a hedge fund manager, illegally traded on the information and passed it on to multi-billion dollar hedge fund advisory firms Diamondback Capital Management LLC and Level Global Investors LP.\u00a0 The\u00a0SEC charged Kuo and the firms among others earlier this year\u00a0as part of its widespread investigation into the trading activities of hedge funds.<\/p>\n<p>According to the SEC\u2019s complaint filed in federal court in Manhattan, Kuo and the hedge funds made nearly $16 million trading in Nvidia securities based on Lim\u2019s inside information.\u00a0The U.S. Attorney for the Southern District of New York also announced criminal charges against Lim.<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211;\u00a0The SEC has\u00a0alleged\u00a0that\u00a0Hyung Lim of Los Altos, Calif., received up to $15,000 and stock tips about a pending corporate acquisition for regularly providing a fellow poker player, Danny Kuo, with nonpublic details ahead of Nvidia Corperation\u2019s quarterly [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-31100","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=31100"}],"version-history":[{"count":8,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31100\/revisions"}],"predecessor-version":[{"id":31128,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31100\/revisions\/31128"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=31100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=31100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=31100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}