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Hedge Fund Fraud: Man Group Employee Arrested In London FSA Sting

man groupNew York (HedgeCo.Net) – An analyst at one of Man Group’s hedge fund managers is said to have been arrested in London on suspicion of insider trading, Bloomberg reports.

“Investigators from the Financial Services Authority flanked by officers from the Metropolitan Police arrested the unnamed man at the offices of GLG, the investment firm now owned by Man Group, the UK’s biggest publicly traded hedge fund manager. Two other men have also been arrested as news of a new insider dealing ring sparked fears that Britain could be facing a hedge fund scandal on the scale of Galleon in America.” UK paper The Daily Mail reports.

“Carl Esprey, who has worked as a portfolio manager at GLG Partners Inc., was one of the three employees arrested yesterday in London on suspicion of insider trading, according to a person with knowledge of the matter.” Bloomberg reports.

Man confirmed that an employee had been arrested, but said in a statement, “Man has been informed by the FSA that the investigation concerns the individual’s actions as a private individual and not as an employee of Man or GLG. Neither Man nor GLG is the subject of the investigation and we have co-operated fully with the FSA’s enquiries.”

Man has also issued a press release showing the results for the financial year ended 31 December 2012.

Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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