An international hedge fund management company has pleaded guilty in a federal insider-trading case in New Jersey and is to pay more than $60 million to settle criminal and civil charges.
Sung Kook "Bill" Hwang pleaded guilty Wednesday on behalf of Tiger Asia Management to one count of wire fraud; his company was placed on one year's probation.
Authorities allege he traded millions of shares of stock from two Chinese banks in violation of confidential agreements that the stock not be put on the market. Authorities say the company attempted to manipulate the price of the bank stocks.
The company said it regrets its actions.
Tiger Asia Management was spun off from Tiger Management Corp. Authorities say Tiger Management was once one of the world's largest hedge fund sponsors.