Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at

News Archive

Read More Industry News >

Citigroup Pays $30M Fine For Releasing Inside Info. to HFs

Oct 03, 2013
Jing Chen

Citigroup has been ordered to pay a $30 million fine to the state of Massachusetts to settle charges that one of its analysts passed confidential information to several hedge funds related to orders of Apple smartphones.

The New York Times reported that under the settlement, Citigroup has also been censured and will have to undergo a three-year review of its policies and procedures.

Kevin Chang, the analyst in question, allegedly provided hedge fund firms SAC Capital, Citadel and GLG Partners, as well as investment management firm T. Rowe Price with unpublished research regarding Hon Hai, a Taiwanese supplier to Apple smartphones.

The settlement comes nearly a year after Citigroup paid $2 million to Massachusetts to settle charges that its two other analyst broke federal and state securities by sharing confidential information about social networking giant Facebook.

Read More Industry News >

Want to subscribe?

Join 15,000+ of your colleagues to receive daily hedge fund news from the definitive source in traditional and hedge fund data.

Subscribe Now

Hedge Fund Journal Reviews eVestment's Hedge Fund Database

July, 2012

Read More