|Tiger Asia founder Bill Hwang has settled both criminal and civil charges after pleading guilty to illegally profiting from inside information. As reported by Bloomberg, Bill Hwang and his firm agreed to pay back more than $16 million in profits from the trades and over $40 million in fines. |
According to the charges, Bill Hwang was entrusted with nonpublic information that he used in a short trade of Bank of China Ltd and China Construction Bank Corp shares. Although the settlement resolves the SEC lawsuit, the Hong Kong Security and Futures Commission is conducting its own proceedings which could result in separate actions and fines.
Tiger Asia was backed by Julian Robertson’s Tiger Management LLC. Prior to founding the firm in 2001, Mr. Hwang was an equity analyst covering Asia at Tiger Management.
|Hedge Fund Lists|
Notably, it was recently announced that Julian Robertson was backing the launch of Asia-focused Tiger Capital. Run Ye, Junji Takegami and Hoyon Hwang, all formerly of Tiger Asia Management, will run Tiger Capital.