SEC has issued orders against two hedge fund managers and an attorney banning them from further work in their respective fields.
On Friday, the SEC barred Andrey Hicks “from association with an investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.” The order against Hicks was issued after he failed to meet a May 18 deadline to show why he should not be subject to a ban. Read more about Hicks.
Hicks, along with his hedge fund Locust Offshore Management, were accused by the SEC in October of misleading prospective investors and misappropriating $2.7 million into his personal bank accounts. Among his victims was NBA player Kris Humphries, former husband of reality star Kim Kardashian. The SEC ordered Hicks in March to pay $7.5 million.
Thursday saw the regulatory agency order the barring of two men involved in a $37 million insider trading scheme.
Former trader Garrett Bauer was barred from association with the financial industry as well as participating in any offering of a penny stock, while former attorney Matthew Kluger was suspended from appearing or practicing before the SEC as an attorney.
Kluger was sentenced to 12 years in prison earlier this month for supplying inside information to Bauer. Bauer was sentenced to nine years, and a third participant in the scheme, Kenneth Robinson, got 27 months.
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